Brent oil is currently on a bullish trend, facing resistance near $84 and supported by the 200-day EMA. Breaking above this level could lead to a climb towards $90. Short-term support is observed around $80, backed by the 50-day EMA. As summer approaches and travel increases, crude oil tends to benefit from seasonal patterns. Despite temporary setbacks, buying...
Highlights of the ECB meeting and press conference.
2019-11-11 • Updated
The European Central Banks left its key interest rates. The Council decided to remain the rates at the present levels for an extended period of time, and well past the horizon of the net asset purchase.
The asset purchase program is left at 60 bln of euros per month. It will be run until the end of December 2017, or beyond, if necessary, until the ECB’s policymakers sees a sustained adjustment in the path of inflation consistent with their target.
Press Conference
- Assets purchases are still need; they will be maintained until sustained inflation around the 2% level.
- There is a stronger momentum in the euro area economic growth
- Risks to the growth outlook is broadly balanced
- If growth projections are distorted, the ECB is ready to increase its asset purchase program in size and duration
- ECB growth outlook has been revised upwards.
- HICP was volatility due to temporal increases in energy and services prices.
- The inflation headline will remain at current level in the upcoming months, there is no convincing sign of pickup
- The ECB policymakers expect only gradually rise in inflation figures
- Inflation expectations are revised downwards, while the growth expectations – upwards.
The euro moved a little bit lower against the USD on the lowering of the inflation estimates by the ECB policymakers.
Similar
Bearish Scenario: Sales below 78.99 with TP1: 77.93, TP2: 77.45, and upon its breakout TP3: 76.56 and TP4: 75.70 Bullish Scenario: Purchases above 78.00 (wait for a pullback to this area) with TP1: 1679.00 (uncovered POC*), TP2: 79.33, and TP3: 79.66 intraday
Bearish Scenario: Sales below 80.00 with TP1: 79.34, TP2: 78.94, TP3: 78.55, and 78.00 Bullish Scenario: Buys above 78.00 (wait for a retracement to the zone) with TP: 79.34 TP2: 80.00, and TP3: 81.00
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Bearish scenario: Sales below 80.00 with TP1: 79.60... Anticipated bullish scenario: Intraday purchases above 80.70 with TP: 81.50...