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PRE-ECB Analysis: EUR/USD Breakouts Possible

Published 04/27/2017, 09:31 AM
Updated 01/31/2022, 02:45 AM

The European Central Bank is set to keep its ultra-easy policy stance firmly in place this Thursday afternoon (11:30 AM GMT) but may acknowledge better growth prospects, setting the stage for a small signal as early as June about an eventual reduction of stimulus. Volatility on EUR/USD could be expected.

Technically the EUR/USD 4h chart shows bullish momentum but anything can happen during the ECB conference. Yesterday we had a successful live EUR/USD entry on Wednesday’s Live webinar that made more than 40 pips as of now. The break of 1.0950 should retest 1.0965 and possibly 1.0990-1.1020. However, the break of 1.0820 could close the retail gap around 1.0777 level. Be careful with risk allocation and using of VPS tool is advised.

W L3 - Weekly Camarilla Pivot (Weekly Interim Support)
W H3 - Weekly Camarilla Pivot (Weekly Interim Resistance)
W H5 - Weekly Camarilla Pivot (Strongest Weekly Resistance)
M H4 - Monthly Camarilla Pivot (Very Strong Monthly Resistance)
M L3 – Monthly Camarilla Pivot (Monthly Support)
M L4 – Monthly H4 Camarilla (Very Strong Monthly Support)
POC - Point Of Confluence (The zone where we expect price to react aka entry zone)

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