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Thursday, January 23, was the day of the ECB meeting. The European Central Bank launched a broad review of its policy in order to redefine its main goal and how to achieve it. ECB President Christine Lagarde held a press conference and market players considered her comments dovish, i.e. negative for the EUR.
Central bank meetings, and the ECB meetings in particular, offer a chance to trade on the news. Such trading can be done with the help of many different strategies. One of them is the so-called “slingshot strategy”. According to our observations, this strategy tends to work especially well during the ECB meeting days. When we described this strategy in our Guidebook, we took as an example the euro's price action on December 8, 2016. The moves of EUR/USD, which took place yesterday, resemble that case a great deal. The obvious conclusion is that this strategy may be very helpful during the next meetings of the European regulator.
So, what’s the slingshot strategy for trading on the news?
Step 1. Open the H1 or M30 chart about 30 minutes ahead of the event and locate the nearest support and resistance levels.
Step 2. If the price then pierces one of this lines (in our example, the resistance), don’t buy on the breakout. Wait for the pair to return below the resistance. If it forms a spike upwards and then slips below the support, it’s a sell signal.
The next events that will drive EUR/USD are the releases of the European PMIs. Technically, the fix below 1.1040 will open the way down to 1.1000. Resistance is now at 1.1065 (100-day MA).
I know we've had quite an amazing run these past few month, with over 78% accuracy in our trade ideas and sentiments, and thousands of pips in profits monthly...
Futures for Canada's main stock index rose on Monday, following positive global markets and gains in crude oil prices. First Citizens BancShares Inc's announcement of purchasing the loans and deposits of failed Silicon Valley Bank also boosted investor confidence in the global financial system...
Investor confidence in the global financial system has been shaken by the collapse of Silicon Valley Bank and Credit Suisse. As a result, many are turning to bearer assets, such as gold and bitcoin, to store value outside of the system without...
eurusd-is-falling-what-to-expect-from-the-future-price-movement
Greetings, fellow forex traders! Exciting news for those with an eye on the Australian market - the upcoming interest rate decision could be good news for Aussies looking to refinance or take out new loans. The Mortgage and Finance Association Australia CEO, Anja Pannek, has...
Hold onto your hats, folks! The Japanese yen took a nosedive after the Bank of Japan (BOJ) left its ultra-loose policy settings unchanged, including its closely watched yield curve control (YCC) policy. But wait, there's more! The BOJ also removed its forward guidance, which had previously pledged to keep interest rates at current or lower levels. So, what's the scoop? Market expectations had been subdued going into the meeting, but some were still hoping for tweaks to the forward guidance to prepare for an eventual exit from the bank's massive stimulus
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