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.