The ECB is widely expected to ease policy at the meeting in order to help support the ailing Eurozone economy.
A loosening of is generally negative for the Euro as it involves either an increase in liquidity - in the case of - 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 programme and whether they will cut interest rates further. Ahead of this coming news, price is variably .
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 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.
Support 1- $1.10118
Support 2- $1.10067
Support 3- $1.09918
Support 4- $1.09773
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Ideas published should not be referred to as an investment advice.