Today, March 13, the dollar ceased to decline against the euro after the speeches of the members of the European Central Bank (ECB). The dollar after hitting a low against the euro at 1.3966 trading with a decrease in the area of 1.3927.
Results presentations ECB.
Today was published monthly ECB report on the prospects of economic growth and the eurozone money market. Output report was accompanied by a speech of the ECB representative Kerry, who expects interest rates will remain at current levels or below for a long time and may fall on rising inflation to 2% in the near future. She also said that the revision of the asset quality will enhance the impact of monetary policy on the economy of the euro area and promote processes of mergers and acquisitions.
ECB President Weidmann said that the soft policy in the euro area is appropriate and adequate, is not tied to any indicators, and low interest rates - a temporary phenomenon. However, the European economy remain very sensitive to shocks. According to him, monetary policy does not seek to affect the euro, but the euro may affect the prospects for inflation and push it to decrease. However, deflationary risks in the euro zone yet. Also, Mr. Weidmann said that monetary policy should not react to the daily fluctuations of the euro.
Forex traders can earn on the dollar.
Traders Masterforex-V World Academy closely following the release of fundamental news from the ECB in order to understand the long-term prospects of the movement of the dollar against the euro in forex. Yield important news and fundamental data is driver movement in exchange rates on Forex. Analyzing the currency pair euro/dollar in terms of technical analysis, you can increase profits on the predicted movement of the dollar sites.
Analyzing medium driving dynamics of the euro against the dollar on the hourly timeframe, we can conclude that there was probable end of the next wave of growth in the medium-term uptrend for the euro and the correction began, aimed at reducing the strengthening euro and dollar on the Fore. 1.3966 resistance levels today was not overcome and remains a strong deterrent to growth in the euro. If the correction of the dollar against the euro continues, the dollar will continue to decline to the border MF sloping channel with its subsequent breaking through and fixing her. Further decline may continue in the area of the support level 1.3842.
If the euro starts to move towards its medium-term upward trend, the correction of the dollar is gone and the likelihood of further growth of the euro to the level of resistance in the 1.3966 area and up to 1.4000.
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