At the time of writing, the EURUSD pair was up 0.4%, trading at around 1.1970, being up for three consecutive days.
The ECB surprised today and announced that purchases under the PEPP over the next quarter to be conducted at a significantly higher pace than during the first months of this year.
It looks like the pair has definitely broken the medium-term downtrend, and chances are for a continuous rally amid USD weakness.
The next target for bulls could be at 1.20, and if the euro rises above this psychological level, further gains toward 1.2110 could occur.
However, if bears reappear, they could send the EURUSD pair to 1.19. Volatility could be elevated over the next hours as US yields are still driving the market.s