Gtag:

Euro Trades Marginally Lower Ahead of ECB’s Policy Rate Decision, 50+ PIP Volatility Likely in Euro Parity; March 10, 2022

ECB Interest Rate Decision

Today’s key event will be ECB Interest Rate decision and Press Conference scheduled at 1245 GMT/1815 IST. The ECB usually changes the statement slightly at each release. It’s these changes that traders focus on. It’s the primary tool the ECB uses to communicate with investors about monetary policy. It contains the outcome of their decision on interest rates and commentary about the economic conditions that influenced their decision. Most importantly, it discusses the economic outlook and offers clues on the outcome of future decisions.

Today ECB is expected to keep its key interest rate unchanged at 0.00 pct and likely to refrain from laying out a formal quantitative easing exit strategy. During the last meet, ECB hinted for policy normalization but due to Russia – Ukraine ongoing uncertainty, everything changed. Let’s see how ECB President come up with the next steps to boost the European Economy as well as Euro.

Let’s see how Euro has reacted during the previous data release:

Feb 03:

Dec 16:

Technical View:

EUR/USD:

  • The euro trades marginally lower on Thursday ahead of ECB’s Interest Rate Decision and stabilizes around $1.1050 mark.
  • The pair made intraday high at $1.1080 and low at $1.1025 mark.
  • Today triple EMA on a day chart is down and H1 chart suggests up trend for the time being.
  • A consistent close above $1.1091 on H1 chart requires for the upside rally.
  • Alternatively, a sustained close below $1.1030 on H1 chart will check further supports.
SUPPORTS RESISTANCES
$1.1021 $1.1091
$1.1001 $1.1126
$1.0974 $1.1152
$1.0947 $1.1178
$1.0920 $1.1204

 

Take a look and do trade wisely!
Good Luck

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