EUR/USD today: euro is in anticipation of ECB meeting results
On Wednesday the pair EUR/USD showed restrained growth, thereby updating the March high at 1.2440. But after the correction of the euro and the reduction of risks in the US, the pair retreated from the highs and remains in the correction phase, while waiting for the ECB protocol and Draghi’s speech.
Events for today:
- 14:45 – the results of the ECB meeting: the deposit funds rate in the euro area, the forecast is -0.40% and the decision on the interest rate of the ECB.
- 15:30 – the number of initial applications for unemployment benefits in the United States.
- 15:30 – the press conference of the ECB.
The market is focused on the data on the ECB, even though no significant statements are expected. But any mention of a strong euro or a change in monetary policy can be perceived very sharply by the market.
Prior to the publication of the protocol and the ECB press conference, one should expect a restrained correction with the support test 1.2350-30. After that, the dynamics of the pair EUR/USD and the euro as a whole will completely depend on what will be said.
At the same time, the pair EUR/USD maintains an upward trend, remaining above the key support levels: 1.2350, 1.2300 and 1.2250.
Fig. EUR/USD. The current price is 1.2390.
Hanzenko Anton