Gtag:

Euro Remains Volatile Ahead of ECB’s Interest Rate Decision, 30+ PIP Movement Likely; June 10, 2021

ECB Interest Rate Decision

Today the key event from the Euro Area will be ECB’s Interest rate decision schedule at 1145 GMT/1715 IST followed by ECB’s Press conference at 1230 GMT/1800 IST. It’s the primary method the ECB uses to communicate with investors regarding monetary policy. It covers in detail the factors that affected the most recent interest rate and other policy decisions, such as the overall economic outlook and inflation. Most importantly, it provides clues regarding future monetary policy.

Today is a big day for the Euro. Recently Euro has released fundamental data with negative numbers which disappointed the markets. Factory orders, German ZEW Economic Sentiments, Industrial production and PMI data missed the trader’s expectations. The ECB likely to avoid taper talk until data catches up with Central Bank’s expectations.

If the ECB keeps mum on taper talk, EUR/USD may slip below $1.21 mark. On the other side, hawkish message for the economic recovery will lead the EUR/USD back above $1.2250 mark.

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

April 22:

March 11:

Technical View:

EUR/USD:

  • The Euro remains slightly volatile ahead of ECB’s Interest Rate decision.
  • The pair made intraday high at $1.2180 and low at $1.2153 mark.
  • A day chart suggests bullish trend but H1 chart with triple EMA confirms bearish trend for the time being.
  • A consistent close above $1.2180 on H1 chart requires for the upside rally.
  • Alternatively, a sustained close below $1.2158 on H1 chart will check further supports.
SUPPORTS RESISTANCES
$1.2152 $1.2180
$1.2121 $1.2199
$1.2100 $1.2224
$1.2080 $1.2248
$1.2047 $1.2276

 

Take a look and do trade wisely!
Good Luck

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