EUR/USD today: the market is waiting for the ECB meeting results and the Draghi press conference

From the start of the day, the EUR/USD pair and the euro in general have been trading very restrained. This is the expectation of the ECB meeting results. Previously, pressure on the euro was exerted by data on disciplinary measures against Italy, the reason for which was the growth of public debt.

Events for today:

• 14:45 – the ECB meeting results will be published: the rate on deposit funds, the ECB margin lending rate, the ECB monetary policy statement and  interest rate decision(June).
• 15:30 – data on the United States will be published: the volume of exports, the volume of imports, the number of initial applications for unemployment benefits, the level of productivity in the non-agricultural sector (q/q) (Q1) and the trade balance (April).
• 15:30 – ECB press conference to be held.

The day today is filled with significant data, but the main is the ECB meeting, from which they expect the next soft rhetoric and hints to stimulate the eurozone economy.

EUR/USD is expected to increase volatility at the publication of the ECB meeting results and the Draghi press conference. The ECB’s rhetoric is likely to be aimed at stimulating the eurozone economy. Therefore, the euro will remain under the pressure. Significant support levels for the EUR/USD pair: 1.1200, 1.1170 and 1.1150. Resistance is located at the levels: 1.1260, 1.1280 and 1.1300. In addition to data from the ECB, it is worth noting the expectation of the Friday employment report in the US, which may limit the downward movement of the euro.

Read also: “Risk assets and how to trade them in the Forex market”

Hanzenko Anton

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