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Euro Exhibits Range bound movement ahead of ECB’s Interest Rate Decision, 35+ PIP Volatility Likely; July 22, 2021

ECB Interest Rate Decision

The key event for the day is ECCB’s Interest Rate Decision (1145 GMT) followed by ECCB Press Conference at 1230 GMT. Short term interest rates are the paramount factor in currency valuation – traders look at most other indicators merely to predict how rates will change in the future. The 6 members of the ECB Executive Board and 15 of the 19 governors of the Euro area central banks vote on where to set the rate, via rotation.

In addition, Monetary Policy Statement is 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.

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

June 10:

April 22:

Technical View:

EUR/USD:

  • The Euro moves in stiff boundaries on Thursday ahead of ECB’s Interest Rate Decision due at 1145 GMT.
  • Today pair made intraday high at $1.1802 and low at $1.1779.
  • Today triple EMA on a day chart is down but H1 chart suggest up trend for the time being.
  • A consistent close above $1.1812 on H1 chart requires for the upside rally.
  • Alternatively, a sustained close below $1.1760 on H1 chart will check further supports.
SUPPORTS RESISTANCES
$1.1760 $1.1812
$1.1737 $1.1840
$1.1700 $1.1876
$1.1680 $1.1902

Take a look and do trade wisely!
Good Luck

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