Today we recorded very strong growth that exceeded their most optimistic strength. The demand received support in the form of better CPI reading from the Euro zone. However, the biggest driving force for growth were informed of the imminent agreement with Greece's creditors. Demand without any problems broke resistance and led the course in around 1.1189, where it recorded a maximum. Today's killing can be treated as part of the abolition of inheritance from 1.1456.
The economic calendar for Wednesday:
9:15 EUR PMI index for services in Spain
9:45 EUR PMI index for services in Italy
9:50 EUR PMI for services in France
9:55 EUR PMI index for services in Germany
10:00 EUR Aggregate index by Markit PMI
10:00 EUR PMI for services
11:00 EUR Retail
11:00 EUR Unemployment rate
13:45 EUR decision on interest rates
14:15 USD ADP Employment Change in non-agricultural
14:30 USD Trade Balance
14:30 EUR ECB Press Conference
15:45 USD Aggregate according to Markit PMI
15:45 USD PMI index for services
16:00 USD ISM index for services dot. Employment
16:00 USD ISM index for services
16:30 USD Crude Oil Stockpiles
20:00 USD Beige Book
Tomorrow we have a number of important data from Europe and the US, therefore, it can lead to very strong movements on currency pair discussed. The most important figure of the day will obviously be a press conference by Mario Draghi, after the announcement of the decision on. Interest rates. Not without significance are data from the US, which should give an answer in what condition is the US economy.
The forecast for Wednesday:
At the moment the currency pair is just below an important at 1.1225. Due to the tight complicated situation tomorrow and a large amount of data from Europe and the US analysis should be considered as follows:
Firstly, we can count the puncture level of 1.1225. In the event that we get better data from Europe and the US, of course, worse. Additional support may be Mario Draghi to confirm that in Europe does not need to be increased, because the program works perfectly and macroeconomic projections for Europe are better. If this thesis is correct is to overcome the 1.1225 level will open the way towards peaks in mid-May (1.1456).
Secondly, one should expect declines when data from Europe will prove to be worse, while the US data definitely better than expected. (Market once again increase expectations on interest rates). If Mario Draghi will surprise negatively, it should accelerate declines. In this case, resistance at 1.1225 should hold out and demand should take the lead in pushing the exchange rate towards 1.1060 or lower.
Thirdly, a number of important data could be mixed and this in turn will lead to high in the market. At the moment, in the EUR / USD pair is 65%.
Note: Due to the potential high tomorrow, you'd better stay away from the market and wait for a better time for the opening position. It should also be remembered that in addition to macroeconomic data, we can obtain the information or rumors about Greece.
I encourage everyone to comment and wish you many successful investments.