EUR/USD: how to trade the ECB meeting

EUR/USD: how to trade the ECB meeting

Information is not investment advice

Trading the news is, of course, risky but sometimes the risk is worth taking. Today we think about selling the euro on the ECB meeting and press conference. The trade is in line with the longer-term downtrend of EUR/USD.

EUR/USD found support at 1.1220. It may move to 1.1250/65 initially, but the odds are that the words of the ECB president Mario Draghi will send it towards 1.1190 (moving averages on H4) and probably even 1.1120.

The European Central Bank will announce its decision at 14:45 MT time. Mario Draghi’s press conference will start at 15:30 MT time.

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To gain the ability to head higher, towards 1.3445, USD/CAD needs to overcome 1.3355 (61.8% Fibo of the May-July decline).  

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