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EUR/USD is Waiting for ECB Decision Today

March 08, 2018 09:16

Source: Admiral Markets MT5 with MT5SE Add-on

The EUR/USD most important event today is the ECB interest rate decision. The rate is expected to remain the same (0.00 % vs 0.00 %). We need to know that the price is usually priced in the market and it is the ECB Conference today that should bring a lot of movement and volatility. At this point, the price is congested within W H3 / W H4 camarilla pivots. 1.2352-78 is still an active POC zone, and bounces from the zone should target 1.2394, 1.2426. Breakout-Continuation could be formed above 1.2430 towards 1.2468 and 1.2521. Below 1.2350, 1.2300 and 1.2263 are targets. Watch for volatility and possible 2-way price movement that's usually the case with the ECB conferences.

W H3 -Weekly Camarilla Pivot (Weekly Interim Resistance)

W L3 - Weekly Camarilla Pivot (Weekly Interim Support)

W H3 - Weekly Camarilla Pivot (Weekly Interim Resistance)

W H4 - Weekly Camarilla Pivot (Strong Weekly Resistance)

D H4 - Daily Camarilla Pivot (Very Strong Daily Resistance)

D L3 – Daily Camarilla Pivot (Daily Support)

D L4 – Daily H4 Camarilla (Very Strong Daily Support)

POC - Point Of Confluence (The zone where we expect price to react aka entry zone)

Best wishes,

Nenad

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