The main event for the Euro in the week ahead is the European Central Bank (ECB) policy meeting on Thursday, at 12.45 BST.
The ECB is widely expected to ease policy at the meeting in order to help support the ailing Eurozone economy.
A loosening of monetary policy is generally negative for the Euro as it involves either an increase in liquidity - in the case of QE - which dilutes the currency, or a lowering of interest rates, which lowers net foreign capital inflows.
The main debate amongst investors appears to be about whether the ECB will revive its QE programme and whether they will cut interest rates further. Ahead of this coming news, price is variably bearish.
On the 1hour time frame, the price chart of EURUSD has continued to test the horizontal support making it the 4th time it will test it. With a possible pattern formation called the HEAD and SHOULDERS TOP chart pattern price is looking to break down from the support. On when price breaks down from the support, then the chart pattern will be valid.
Breakdown- $1.10187
Support 1- $1.10118
Support 2- $1.10067
Support 3- $1.09918
Support 4- $1.09773
Good luck to everyone! Click the follow button to stay tuned for more trading ideas! Like the idea? Hit the like button!
Ideas published should not be referred to as an investment advice.
The ECB is widely expected to ease policy at the meeting in order to help support the ailing Eurozone economy.
A loosening of monetary policy is generally negative for the Euro as it involves either an increase in liquidity - in the case of QE - which dilutes the currency, or a lowering of interest rates, which lowers net foreign capital inflows.
The main debate amongst investors appears to be about whether the ECB will revive its QE programme and whether they will cut interest rates further. Ahead of this coming news, price is variably bearish.
On the 1hour time frame, the price chart of EURUSD has continued to test the horizontal support making it the 4th time it will test it. With a possible pattern formation called the HEAD and SHOULDERS TOP chart pattern price is looking to break down from the support. On when price breaks down from the support, then the chart pattern will be valid.
Breakdown- $1.10187
Support 1- $1.10118
Support 2- $1.10067
Support 3- $1.09918
Support 4- $1.09773
Good luck to everyone! Click the follow button to stay tuned for more trading ideas! Like the idea? Hit the like button!
Ideas published should not be referred to as an investment advice.