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How Will Euro Move After the ECB

How Will Euro Move After the ECB

Information is not investment advice

The European Central Bank (ECB) raised its interest rates by 0.5% to 3%, as planned, to combat inflation, despite some investors' calls to delay the hike due to banking sector turmoil. The ECB is expecting inflation to exceed its 2% target through 2025. Due to the fundamental data, the Euro gained positively against the US Dollar, Pound, and Swiss Francs. The technical outlook, however, would determine our reaction to this situation.

EURUSD

EURUSDDaily-1703.png

EURUSD has made an initial reaction to the drop-base-rally demand zone. At this juncture, we also see how the demand zone aligns perfectly with the 100-Day Moving Average, the trendline support, and the 88% Fibonacci retracement area. The sentiment is clearly, largely bullish.

Analysts’ Expectations: 

Direction: Bullish

Target: 1.08700

Invalidation: 1.04850

EURGBP 

EURGBPDaily-1703g.png

Similar to what we had on EURUSD, we see here how EURGBP also reacted initially away from the demand zone. However, in the case of the EURGBP, we see the MAs arrayed in a bullish pattern. Based on the confluence of the trendline support, the 200-Day moving average, the MA array, the 88% of the Fibonacci retracement tool, and finally, the demand zone, I will keep my sentiments bullish on EURGBP.

Analysts’ Expectations: 

Direction: Bullish

Target: 0.90560

Invalidation: 0.86930

EURJPY 

EURJPYDaily-1703.png

EURJPY recently broke out of a wedge pattern, after which the price retreated into the demand zone responsible for that break of structure. It is important to note that because the demand zone aligns perfectly with the 76% Fibonacci level and the deop-base-rally demand zone, it is only logical to conclude in favor of a bullish outcome.

Analysts’ Expectations: 

Direction: Bullish

Target: 147.30

Invalidation: 137.30

EURNZD 

EURNZDDaily-1703.png

EURNZD is my favorite setup as far as this piece goes for very obvious reasons. The daily timeframe shows the price currently trading within a channel, with the current price action heading toward the trendline support of the channel. The exciting aspect of this setup is that the trendline support has other confluences from the drop-base-rally demand zone, the MA array, the 100-Day MA, and secondary trendline support.

Analysts’ Expectations: 

Direction: Bullish

Target: 1.72940

Invalidation: 1.68090

CONCLUSION

The trading of CFDs comes at a risk. Thus, to succeed, you have to manage risks properly. To avoid costly mistakes while you look to trade these opportunities, be sure to do your due diligence and manage your risk appropriately.

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Legal disclaimer: The content of this material is a marketing communication, and not independent investment advice or research. The material is provided as general market information and/or market commentary. Nothing in this material is or should be considered to be legal, financial, investment or other advice on which reliance should be placed. No opinion included in the material constitutes a recommendation by Tradestone Ltd or the author that any particular investment security, transaction or investment strategy is suitable for any specific person. All information is indicative and subject to change without notice and may be out of date at any given time. Neither Tradestone Ltd nor the author of this material shall be responsible for any loss you may incur, either directly or indirectly, arising from any investment based on any information contained herein. You should always seek independent advice suitable to your needs.

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How Will BoJ Meeting Affect the Yen

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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