Home Forex Forex Market Analysis EURUSD after ECB press conference is moving as was planned.

EURUSD after ECB press conference is moving as was planned.

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Hot Topics:

  • ECB decides to keep the interest rate unchanged at 0%.
  • FTSE continues its way to reach new highs.

ECB decided to keep the interest rate unchanged at 0%.

The ECB in its April monetary policy meeting has decided to keep the interest rate unchanged. As we expected, in the past week, the Euro group has continued its weakness. In the EURUSD pair, our central vision continues being bearish at least till the 1.20 zone.

The inverse correlation continues acting between EURUSD and USDCHF. The bullish trend in the Swiss currency remains very sharp, and our eyes are placed in the 0.999 to 1.02 area, from where the pair could react to the downside.

DAX 30 stays on a sideways movement without enough volatility to advance above the pivot level 12,622. We expect a new low near to the blue box area before to the German Index sees new highs.

FTSE continues its way to reach new highs.

The FTSE 100 in today’s session moved mostly upward, struggling to reach a new high with no success.  Consider that it is still testing the 61.8% Fibonacci retracement level of the bearish move that started in the second half of January. A test in the blue region is expected before making a new bearish leg.

As we said in the previous Daily Update, the GBPUSD pair is making a sideways movement before continuing its bearish cycle. The invalidation level is 1.4261, and the cycle target is 1.3815.

©Forex.Academy

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