ECB Discount Rate. Possible surprises are yet to come.

As expected, the ECB kept the main interest rates at the previous levels. The discount rate remains at the level of 0.00%, the deposit rate remains at the level of -0.4%. This decision was positively received by the market, against which the single currency strengthened against the US dollar, thus exceeding the opening price of today’s trading. In turn, the growth of the single currency can be quite short, which is connected with the expectation of the ECB press conference. The further dynamics of the euro will depend on the tone of the leadership of the Central Bank of Europe.

Technical analysis: The pair EUR/USD maintains an uptrend in the medium term. The main support levels are 1,2355, 1,2300. The resistance levels are 1,2470, 1,2515.

Key recommendations: By pair, one can consider both purchases and sales from the above support and resistance levels with the potential of movement of 60-90 points, but the decision on trade should be taken based on the results of the ECB press conference and the formation of a reversal signal on the chart of H1.

Fig. EUR/USD. The current price is $ 1.2417.

Alexander Sivtsov