EUR/USD Rises Ahead of ECB Statement

Get Started With our Free masterclass

EUR/USD Rises Ahead of ECB Statement

9:30 AM (EST) Update

EUR/USD 4 Hour: Bullish Sentiment During ECB announcement

Forex Fundamental news: Protester interrupts European Central Bank’s head, Mario Draghi’s speech by shouting, “end ECB dictatorship.”

Draghi reiterates that the euro exchange rate is not a policy target for the ECB.

Suggested positioning: No short-term positions due to volatility

Technical reasons: The pair is facing a new bullish sentiment towards the 23% Fibonacci level while remaining below the Ichimoku cloud. Given the fact that the pair has recently completed a double top chart pattern, if the pair confirms a break above this level we could see further upside.

Alternative Scenario: If the pair is unable to confirm a break above 23% Fibonacci level, we could see further drops back to support levels at 1.0550 and 1.0470.

Where I’m setting my stops and limits:

Support Levels Turning Point Resistance Levels
1.0550 1.0655 1.0720
1.0470 1.0780