Recent volatilty notwithstanding, EURUSD could rise and test 1.171 in recent future. Inspite of ECB rate cut, EURUSD had risen contrary to expectations of weakening of Euro. Excuse maybe price already price in or rate will not change for some time when rate got just cut. FED's rate policy could give be the defining motive.
Elliot Wave Analysis: It probably is in the 5th emotive wave.
Indicators used in the analysis are Elliot Wave Study, Support and Resistance Levels, trendline and stichastics.