Euro ECB Interest Rate Decision
The key event for the day will be ECB’s Interest Rate Decision (1145 GMT/1215 IST) and Press Conference (1230 GMT/1800 IST). 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.
Recently, Euro Zone released mixed economic results as Germany released strong industrial production but weaker investor confidence. The expectations component of Germany’s ZEW survey dropped for the fourth month in a row to its lowest level since the pandemic began.
Let’s see how Euro has reacted during the previous data release:
- The Euro rises on Thursday ahead of ECB’s Interest Rate Decision and trading around $1.1830 mark.
- Today pair made intraday high at $1.1836 and low at $1.1812.
- Today triple EMA on a day chart and H1 chart suggest bearish trend for the time being.
- A consistent close above $1.1850 on H1 chart requires for the upside rally.
- Alternatively, a sustained close below $1.1810 on H1 chart will check further supports.
Take a look and do trade wisely!