EURUSD Overview: ECB Statement Ahead

EURUSD Overview: ECB Statement Ahead

We have achieved our intraday target at 1.12300 as mentioned in our previous chart.

ECB will announce its monetary policiy statement.

The focus shifts to the ECB for help, which in turn, rightly asks governments to act. President Christine Lagarde warned EU leaders of a 2008-crisis if they fail to act

The bank is expected todecrease rates – 10 bps to minus 0.6- , expand its bond-buying scheme and perhaps introduce new measures.Even if the ECB refuses to act, it may weigh on the euro

Apart from announcing its new policy, the ECB publishes new forecasts for growth and inflation

“The US releases weekly jobless claims and producer prices for February but it is safe to say that are unlikely to shift attention from coronavirus headlines.”

Our road map is mentioned on the H4 chart:

We predict the price fall and test 1.1100. A potential retracement can be seen at 1.1100 towards 1.12000.

Medium term, we plan to add short positions at the breakout of 1.10900 targeting 1.08000 and 1.06000.

Intraday trade opportunities will be updated and posted for the members in the live charts.

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