On Wednesday, the EUR/USD pair tried to break out up, however the sharp movement up was immediately pushed back below 1.1600. We can explain this jump on the pair as an attempt of the market to get the price higher before today’s European Central bank press conference where is widely expect that ECB will increase its QE to support ultra-low inflation. The question right now is whether the price will go further down to its 11-years low, or it will return slightly up as market already priced in the worse scenario. The press conference is taking place at 1.30PM (GMT) which is 45 minutes after they will announce a minimum bid rate. We expect very high volatility during these hours! The movement is sideways. The support is found at 1.1450 and resistance is at 1.1680.
Today’s Main Events:
12.45 GMT: EUR – Interest Rate Decision – The six members of the European Central Bank (ECB) Executive Board and the 16 governors of the euro area central banks vote on where to set the rate.
13.30 GMT: USD – Initial Jobless Claims – measures the number of individuals who filed for unemployment insurance for the first time during the past week
13.30 GMT: USD – ECB Press Conference – Scheduled monthly, about 45 minutes after the Minimum Bid Rate is announced
January 22, 2015 – Daily Market News
On Wednesday, the EUR/USD pair tried to break out up, however the sharp movement up was immediately pushed back below 1.1600. We can explain this jump on the pair as an attempt of the market to get the price higher before today’s European Central bank press conference where is widely expect that ECB will increase its QE to support ultra-low inflation. The question right now is whether the price will go further down to its 11-years low, or it will return slightly up as market already priced in the worse scenario. The press conference is taking place at 1.30PM (GMT) which is 45 minutes after they will announce a minimum bid rate. We expect very high volatility during these hours! The movement is sideways. The support is found at 1.1450 and resistance is at 1.1680.
Today’s Main Events:
12.45 GMT: EUR – Interest Rate Decision – The six members of the European Central Bank (ECB) Executive Board and the 16 governors of the euro area central banks vote on where to set the rate.
13.30 GMT: USD – Initial Jobless Claims – measures the number of individuals who filed for unemployment insurance for the first time during the past week
13.30 GMT: USD – ECB Press Conference – Scheduled monthly, about 45 minutes after the Minimum Bid Rate is announced
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