Forex Trader

After the ECB’s decision to stay hold with the Interest  Rates, the EUR/USD is holding above the daily opening level, with slight bullish tone today. I’ve pointed in my previous EUR/USD analysis on this main support at the 1.0950 and as you can see, the pair is holding there for the last 5 days. Now, we must wait for the Press Conference and Mr.Draghi’s talk and that will be important for the furder move here. I expect from the pair at first to get some up/down move (red arrow) and if the pair fall down I expect the potential buyers at 1.0900/20 to take over and to boost the pair back up toward 1.1050 latter on. Of course, this support level at 1.0900/20 is important, but it could be broken as well, bellow wich I see more and stronger buyers all the way to 1.0800. For me, the important notice for this development you must search on question/answer about QE taper from Mr.Draghi. If there will be a hint from him that this rumor was true, the euro will jump high, if not, the pair could feel the more pressure down. Depens on whether will Mr.Draghi be dovish or hawkish on other important economic datas, such as inflation, the pair will react on that statements as well. Be carefull, this event could be a strong mover now.

Watch Mr.Draghi and the ECB Press Conference LIVE here

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