Skip to Content
News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
More View More
The EURUSD Stays Supported Pre ECB

The EURUSD Stays Supported Pre ECB

Walker England, Forex Trading Instructor

Talking Points

  • Forex traders prepare for an active economic event calendar this week.
  • Key Benchmark Rates are expected to remain at .5%.
  • Absent of any changes, the EURUSD is expected to continue trending.

This week is sizing up to be another big week for Forex news traders. With events such as the European central bank (ECB) rate decision on the economic calendar, it is important for traders to have an idea of the markets expectations and how it can affect price.

To get prepared for the event let’s take a closer look at the ECB rate decision!

Learn Forex: ECB Benchmark Rate

Interest Rates

The ECB rate decision is set to be released on Thursday the 7th, at 12:45 GMT. Controlling interest rates is one of the key monetary tools the ECB has at its disposal to influence the Euro Zone economy. Over the past two years, you can see these key interest rates steadily declining as the ECB has worked to spur the economy. The goal has been to free up capital by making borrowing more accessible to businesses. It is worth noting that rates have been at a record low.5% now for 7 months, as seen in the graph above.

Analysts believe that interest rates are to remain the same, holding at .5%. So with rates potentially set to remain unchanged, let’s look at what can traders expect from price.

(Created using FXCM’s Marketscope 2.0 charts)

Trade the Trend

Outstanding any fundamental changes from this week’s news events, traders will reasonably to expect the current EURUSD trend to continue. Price has been defined by a rising price channel supported by the standing July and August lows. As long as price remains supported, traders will look for opportunities to buy the EURUSD up towards channel resistance near 1.3900.

An alternative scenario would occur in the event that price breaks below the supported price channel. If the price of the EURUSD moves under 1.3440, traders may then look to sell the pair towards lower lows.

---Written by Walker England, Trading Instructor

To contact Walker, email Follow me on Twitter @WEnglandFX.

To be added to Walker’s e-mail distribution list, CLICK HERE and enter in your email information.

New to the FX market? Save hours in figuring out what FOREX trading is all about.

Take this free 20 minute “New to FX” course presented by DailyFX Education. In the course, you will learn about the basics of a FOREX transaction, what leverage is, and how to determine an appropriate amount of leverage for your trading.

Register HERE to start your FOREX learning now!

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