2 Jun 2014
EUR under pressure from ECB expectations - FXStreet
FXStreet (London) - Vladimir Mihaylov, FXStreet Independent Analyst believes that EUR is set for some consolidation until the ECB on Thursday.
Key Quotes
“EUR is going to consolidate until Thursday when it is expected ECB to make either a rate cut or to implement some new measures to support economic growth and to increase low inflation. This will put the EUR under extremely high downside pressure against all currencies.”
“It is quite possible the downside move to be consumed day or two before the ECB meeting, because there are always leaks of information. It is good to know that every upside will be used to open SHORT positions at a better price. We have daily resistance at 1.3650, at 1.3685 and next one is at 1.3740. If we reach somewhere around you have to sell EUR.”
“Upside can be restored if we have a daily close above 1.3820. Daily and H1 indicators show a recovery to the upside is going on right now, while H4 is mixed and shows range trade mode 1.3620-40.”
Key Quotes
“EUR is going to consolidate until Thursday when it is expected ECB to make either a rate cut or to implement some new measures to support economic growth and to increase low inflation. This will put the EUR under extremely high downside pressure against all currencies.”
“It is quite possible the downside move to be consumed day or two before the ECB meeting, because there are always leaks of information. It is good to know that every upside will be used to open SHORT positions at a better price. We have daily resistance at 1.3650, at 1.3685 and next one is at 1.3740. If we reach somewhere around you have to sell EUR.”
“Upside can be restored if we have a daily close above 1.3820. Daily and H1 indicators show a recovery to the upside is going on right now, while H4 is mixed and shows range trade mode 1.3620-40.”