In our Daily Trade Watch, we look at some high probability trade setups that we can trade throughout the day. Today, we will be analysing price action with all eyes on BOE and ECB.
Significant News Across Europe Incoming
To be honest, we are struggling to identify trades. Part of this is due to the significant news events due to occur over the course of the European trading session. First, we will see an interest rate decision from the MPC. Expectations are that it will remain at the 0.75% level. Then, approximately 45 minutes later, we will see the main refinancing interest rate be released. To finish, about another 45 minutes later. we will see Mario Draghi host the ECB press conference.
USD
In addition to these major news events, we have identified two potential opportunities to keep a close eye on. If the USD shows signs of weakness and we get a break below yesterday’s low in the USDCHF then we would expect continuation to the downside. The USDCAD is equally in a similar position. A break below yesterday’s low would constitute a continued move to the downside.
All Eyes on BOE and ECB – Full Analysis
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