Is it time for a correction on EUR/USD?

EURUSD now on 4-day lows of 1.1207. Large EURUSD option expiries in play again too – a large chunk at 1.1200. A rumour on the street is that the ECB will tomorrow cut inflation forecasts and hence reduce the expectations for tapering: ECB Said To Cut Inflation Forecasts To Around 1.5% Through 2019. If this plays out tomorrow we can see EUR/USD moving to the 23.6% and maybe 32.8% Fib. level.

EU H4 07.06

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