Sforex
Short

EURUSD: ECB MEETING IN THE FOCUS: 1.1100 : CONVERGENT POINT

FX:EURUSD   Euro Fx/U.S. Dollar
937 0 8
EURUSD             bounced agressively from the year high after hit 1.1700 level. This proved that market stil             favor EUR weak.

I see on the chart :

- EURUSD             backed below SMA200 again after breaking above it.
- SMA100 + EMA50 + SMA50 +Kumo cloud converge at around 1.1100 level : This proved this is a strong support I believe EURUSD             will test it.

Tomorrow, the risk event is ECB Interest Rate Decision + Press Conference.

I especially pay much attention in this event, usually, if there is some change in monetary policy , ECB will celebrate a press conference to annouce it, but what is that change ?

Nearly surely, ECB will hold the rate unchanged at 0.05%

The focus shifts to the confercence. I see some economists talk about expanding QE from ECB; however, EZ economic data performed very well recent months, so I don't think ECB will expand QE .

No matter what happens, I think ECB would keep the dovish stance to support EZ economy.they will continue to inject more money into market.

I hold SHORT EURUSD             to 1.1100
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