Taking a Shot Just Ahead of the ECB - Forex News by FX Leaders
The 100 SMA has turned into resistance on the H1 chart

Taking a Shot Just Ahead of the ECB

Posted Thursday, September 12, 2019 by
Skerdian Meta • 1 min read

The European Central Bank (ECB) meeting will take place shortly. Expectations are mixed for this meeting – some analysts expect the ECB to announce a date for the start of another monetary stimulus package, such as a rate cut or a QE programme, or both.

Others think that the ECB might hold on to its cards just one more time. So, nothing is written on the stars. Although, considering the economic weakness in the Eurozone and the softening inflation, the ECB should start acting. But, you never know.

Anyway, EUR/USD climbed from 1.0980s yesterday to 1.1030 this morning and we decided to use this opportunity to go short on this pair. The price was finding resistance at the 100 ma (green) and the stochastic indicator is overbought, which means that the retrace higher is complete.

The ECB might send the Euro in either direction later, but the pressure is on the downside. However, let’s wait and see if the ECB will take our side today.

Check out our free forex signals
Follow the top economic events on FX Leaders economic calendar
Trade better, discover more Forex Trading Strategies

About the author

Skerdian Meta // Lead Analyst
Skerdian Meta Lead Analyst. Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.
Related Articles
Comments

Leave a Reply

avatar
  Subscribe  
Notify of