Sforex
Short

ECB Meeting: When The resilience over - Back to the downtrend

FX:EURUSD   Euro / U.S. Dollar
524 1 3
Next 24h,market pay all attention on :

- ECB Meeting with a Press Conference.
- EZ CPI            

Tomorrow is very very important, and EURUSD             will react strongly on this risk event.

Today we see that BOC             cut rate and lower GDP forecast.

Central banks are defending from the outside thread.

While Greek problem is not over and a positive deal is not done yet.

ECB must protect themself from any thread.

They cann't be hawkish. Definitely.

There are more negative data than positive data since last meeting.

I think it's very difficult for a positive CPI             .

That why I think EURUSD             will go down after the event.

This month, we see a high resilience of EURUSD             , and I think this will over: EURUSD             back to the downtrend.

- Technical Analysis .

I wait for a breakout. I thought this will occur tomorrow, but It moves faster than I expect.

While RSI indicator show it rejects the resistance. There is still more room for the down.

- Strong resistance: 1.1100

- Support inturn: 1.0810 1.0650 1.04600

A short position with Stop loss above 1.1100, take profit at 1.0650 is acceptable.

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