Temporary Break-down today towards 1.0040

25 jul 2019

The event of major importance will take place on Thursday. The ECB Governing Council is holding a policy meeting. The market does not expect any changes in monetary policy because long ago Mario Draghi announced the plans to put the key policy rate on hold until mid-2020. Nevertheless, the ECB officials sometimes drop hints that QE program could be resumed. Moreover, extra stimulus measures are also on the ECB’s agenda. Apparently, traders will take decisions based on these rumors. Thus, the market buzz will go on until the press conference of the ECB president. Any outcome of the ECB meeting will hardly bring positive sentiment. Later, the US will present data on durable goods orders which could rise by 0.5%. But the market is unlikely to take notice of the data as everyone will be absorbing a policy update of the ECB.

Support Levels:
S-1 = 1.1106
S-2= 1.0040
Resistance Level:
R-1 =1.1280
R-2 =1.1335

http://prntscr.com/ojtdol
Please like, share/follow us and get daily/weekly/ monthly Analysis.
If you like the idea, please push like and subscribe, it motivates me to post ideas more often.