The economic calendar for Wednesday:
8:00 EUR German CPI
8:45 EUR French CPI
8:45 EUR HICP in France
11:00 EUR Trade Balance
13:45 EUR decision on interest rates
14:30 US manufacturing index for New York City
14:30 EUR ECB press conference Mario Draghi
15:00 USA speaks member of the FOMC, Bullard
15:15 US Industrial Production
20:00 USA Beige Book
Tomorrow we have another package of important data. But the most important figure of the day, it will, of course, Mario Draghi speech at a press conference after a meeting of the European in Frankfurt, Germany.
Tomorrow at such large amounts of data and the occurrence of Super Mario, we can certainly expect more abrupt movements in EUR / USD pair. From a technical point of view, after breaking up and breaking resistance at 1.0640 draws a chance to further increases but ... the market will follow closely what he has to say to the President of the ECB.
At the moment, we know that the program will last until the end of September 2016. In total, the ECB issued for the purpose of 1.14 billion euros. Certainly we know that the latest information is positive, the ECB supports economic development but the burden rests on the shoulders of the reform of individual governments. Certainly Mario Draghi repeated that the recovery in the economy is going in the right direction. Is tomorrow we will see some new facts? A lot will depend on what the ECB president will say at the press conference.
Forecast for Wednesday:
Tomorrow should not be considered a chart on the technical side. Tomorrow will probably powerful movements and hard to predict the direction in an unambiguous manner. It is worth mentioning that some of the indicators pointing to a possible rebound, which could lead the EUR / USD to higher price levels. In connection with the weaker data on Tuesday, any positive information that Mario Draghi will submit to the appreciation of the euro .
In case of further growth should be expected back at today's peak at 1.0709 and then test 1.0774 resistance and 1.0833.
In case of return declines in the first place to 1.0566 and then at today's lows at 1.0530 level. In this case it will be a strong impetus to the further decline of around 1.0456.