Draghi did his outmost to persuade the market there is no rush in tapering, and no talk about policy tightening. For now. And the market caught the words he was looking for.
Draghi said they were not discussing stimulus removal, and the market heard that it might be in October. And this is enough for EUR to keep rising in the medium term.
Moreover, today there came another splash of speculations – Reuters cite some sources
"with direct knowledge of the discussion" saying that December is too late for changing the policy course. And it means that October is the right guess.
In such an environment, EURUSD may keep going up without pauses with initial target at 1.1720, followed by 1.18.