EUR/USD has turned up from the 50-day MA at 1.1715 yesterday. This is a sign that buyers are strong. Still, the short-term resistance line limits the upside at 1.1870.
EUR/USD: how to trade the ECB meeting
SELL 1.1265; TP 1.1190; SL 1.1285
SELL 1.1218; TP1 1.1190; TP2 1.1130; SL 1.1230
Trading the news is, of course, risky but sometimes the risk is worth taking. Today we think about selling the euro on the ECB meeting and press conference. The trade is in line with the longer-term downtrend of EUR/USD.
EUR/USD found support at 1.1220. It may move to 1.1250/65 initially, but the odds are that the words of the ECB president Mario Draghi will send it towards 1.1190 (moving averages on H4) and probably even 1.1120.
The European Central Bank will announce its decision at 14:45 MT time. Mario Draghi’s press conference will start at 15:30 MT time.
USD/JPY is declining for the fifth day in a row. When the pair fell below 105.00, it entered a new, lower range.
The resistance line is limiting USD/JPY on the upside and, unless the pair tries for a breakout (which anyway will meet resistance at 106.50 and 106.80), the easiest path for it will be to go down.
The dollar index was up late Tuesday afternoon in Asia, extending the 0.8% gain in the previous session, when COVID-19 fears and worries over the US Congress’ stimulus impasse drove a selloff across other assets.
Bank of England Governor Andrew Bailey delivered a speech today. Let’s discuss what it means for a trader.
Gold has started a remarkable downside correction and stands on the key 23.6% retracement area after a failure to hold the 38.2% retracement area.