Everyone knows who the man is; it´s Super Mario Draghi who is appearing at a conference in Madrid in about an hour. He´ll be talking about financial stability and I think that topic includes the monetary policy. Even if it didn´t, I´m sure there would be questions about the ECB policy because that´s where all the interest lies.
The market has surely been waiting for this meeting because the price in Euro pairs has been frozen since last evening. EUR/USD has only traded in a 15-20 pip range during the last two trading sessions.
We opened a buy forex signal in EUR/USD yesterday as this forex pair was sliding lower. It reached the 100 SMA on the H1 forex chart, which has been providing support since then – and the retrace has completed its course.
But, there hasn´t been any attempts to push higher and resume the uptrend. The downside has been feeling even weaker for that matter, so no worries for our short-term forex signal here, coming from price action or market sentiment.
Although Draghi is coming up and he might take us either side, so I think that we should close that signal for whatever profit we´re in at the time, before he starts.
If you can recall, we posted an update on Monday about today´s speech. My gut feeling tells me that Draghi will try to talk the Euro down because he doesn´t like these levels in EUR/USD, but no one knows for sure. So hang on tight folks!
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