Euro Has Room to Test 1.16/17 While Above 1.15; ECB Rate Hike Expected

The Euro retains upside potential to test the 1.16/1.17 range as long as it holds above the 1.15 support level. Markets are pricing in a 25 basis point rate hike from the European Central Bank later today, which could provide further impetus.

The US Dollar Index (DXY) may decline towards 99.5-99 if it breaks below the 99.75 level, reflecting broader dollar weakness.

In cross pairs, EURINR looks bearish below 111, targeting 110-109. Meanwhile, EURJPY could test 186 if it remains above current levels, suggesting continued Euro strength against the Yen.