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All Eyes on the ECB Rate Decision as the EURUSD Manages to Break Below its Rising 15 Minute Channel

All Eyes on the ECB Rate Decision as the EURUSD Manages to Break Below its Rising 15 Minute Channel

2011-02-02 16:30:00
Michael Wright, Currency Analyst
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Potential 24 Hour Setups

Currency Pair

Potential Target

Pivot Support

Pivot Resistance

Short EURUSD

1.3770

1.3515

1.40

*Trade updates during the course of the day will be provided through our real time news page.

Review of Price Action on the Previous Day’s Trade

Currency

Entry

Potential Target

Close

Long EURUSD

1.3756

1.38

1.38

*Note: EURUSD short is from the last updated report on Thursday

The EURUSD has slipped below its rising 15 minute channel, hinting at a slight reversal in the pair ahead of tomorrow’s highly anticipated ECB rate decision. Recently, the S&P cut Ireland’s credit rating from A to A-, and noted that further cuts may be in the horizon. Indeed, there wasn’t much of a reaction subsequent to the announcement as traders await Jean-Claude Trichet’s press conference tomorrow. In January, the central bank head was more hawkish than strategists expected. If Mr. Trichet talks down inflation concerns, I would not rule out downward pressure in the single currency. It is also worth noting that Spain will auction its 2.50 percent October 2013 bills. As Spain suggests that they will never need a bailout, the release will be closely monitored. If price action manages to move in our favor, make sure to place a trailing stop in order to avoid any unforeseen losses.

EURUSD 15 Minute Chart

Intraday_Trading_02.02.11_body_eurusd.png, All Eyes on the ECB Rate Decision as the EURUSD Manages to Break Below its Rising 15 Minute Channel

Charts Created Using FXCM’s Strategy Trader

Close: 1.3805

SSI: -2.49

Retail positioning relates to our speculative sentiment index which illustrates where traders are at in the market. The larger the retail positioning is within the highlighted area, the more likely it is that longs exceed shorts or vice versa. We will look to use this indicator in conjunction with other technical developments to dictate price action over the next 24 hours.

Every day at 16:00 GMT, we analyze potential 24 hour trade set ups. The trade is no longer valid if it is not triggered by 16:00 GMT the next day. Good luck trading!

Written by Michael Wright, Currency Analyst

To Receive Future Articles by Email, please contact me at instructor@dailyfx.com

Michael Wright is the author of FX Headlines, Fundamentals vs. Technical’s, Weekly Spotlight, Intraday Trading, and Forex Trading Weekly Forecast

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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