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Will the ECB Force Both a EURUSD Breakout and Trend?

Will the ECB Force Both a EURUSD Breakout and Trend?

2012-09-06 06:08:00
John Kicklighter, Chief Strategist
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Though the speculative ranks are filling out once again, we still haven’t seen a strong swing or breakout move generated in the capital and FX markets since the lull weighed us through August. That is looking to change with the upcoming ECB rate decision – an especially threatening event considering we are currently carving out the most reserved EURUSD market conditions since March.

Will_the_ECB_Force_Both_a_EURUSD_Breakout_and_Trend_body_Picture_5.png, Will the ECB Force Both a EURUSD Breakout and Trend?

The First Consideration is Volatility:

- While many traders jump to speculate on direction, they should first ensure that there is enough influence in the event to force the critical first step, breakout.

- Trading specific news requires a careful trading approach. Read David Song’s setup for the impact of the ECB rate decision.

DailyFX Analysts Positioning Ahead of ECB:

- Visit the DailyFX Analyst Picks to see how the analysts are positioning for the Euro and risk trends that result from the ECB’s market impact

DailyFX Technical View of Euro Ahead of ECB:

- Technicals are still filling out a long-term EURUSD bear channel, but even a further driver higher could prove a temporary correction in a larger trend

DailyFX Fundamental View of Euro Ahead of ECB

- Many of the euro (and even some risk-based) pairs offer potential in a breakout situation, but EURUSD and EURJPY present the best market conditions for such a move.

--- Written by: John Kicklighter, Chief Strategist for DailyFX.com

To contact John, email jkicklighter@dailyfx.com. Follow me on twitter at http://www.twitter.com/JohnKicklighter

To be added to John’s email distribution list, send an email with the subject line “Distribution List” to jkicklighter@dailyfx.com.

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