EUR/JPY Asymmetric Triangle Ahead of ECB Meeting Minutes
Arslan Butt • 1 min read
Who’s eager to trade the ECB Meeting minutes? If you are not positive about what to expect and how to trade ECB (European Central Bank) minutes, allow me to help you.
How to Trade ECB Monetary Policy Meeting
Back in January, the ECB not only left its policy unchanged but also avoided saying anything in their next action in the QE (quantitative easing) program. Honestly, inventors won’t be expecting anything fresh in their meeting minutes which is why we need to catch a few PIPs in the EUR/JPY.
EUR/JPY – 4 Hour Chart – Triangle Breakout
Keeping the fundamentals in mind, we can proceed with a trade with the EUR/JPY. Looking at the 4-hour chart, the pair is poking out of the asymmetric triangle pattern which was supporting it at 132.100 and working as a resistance.
EUR/JPY – Trading Idea
If the ECB meeting minutes fail to support the Euro, I will be looking for a sell position below 132.450 with a stop above 132.650 and profit at 131.750.