EUR/USD: how to trade the ECB meeting

EUR/USD: how to trade the ECB meeting

Trade ideas

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.

EURUSD 06.png

Similar

Levels to trade EUR/USD

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.

USD/JPY: target for selling

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.

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