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  • USD/JPY IG Client Sentiment: Our data shows traders are now at their least net-long USD/JPY since Sep 30 when USD/JPY traded near 111.35. A contrarian view of crowd sentiment points to USD/JPY strength.
  • - Euro Area inflation still mostly transitory, some components partly more persistent than previously though. - If elevated inflation lasts much longer, it will likely have effect on expectations $EUR
  • ECB's Rehn says there is still plenty of economic slack in Europe $EUR
  • Coming up at half past: my weekly webinar looking at the charts, the sentiment indicators on the calendar this week and the IG client positioning data. Do join me if you can
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  • 🇪🇸 Balance of Trade (AUG) Actual: €-3.9B Previous: €-1.60B
  • 🇵🇱 Employment Growth YoY (SEP) Actual: 0.6% Expected: 0.6% Previous: 0.9%
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 93.40%, while traders in USD/JPY are at opposite extremes with 76.25%. See the summary chart below and full details and charts on DailyFX:
  • Heads Up:🇪🇸 Balance of Trade (AUG) due at 08:00 GMT (15min) Previous: €-1.60B
  • Heads Up:🇵🇱 Employment Growth YoY (SEP) due at 08:00 GMT (15min) Expected: 0.6% Previous: 0.9%
EURUSD ECB Rate Decision Trade Opportunity

EURUSD ECB Rate Decision Trade Opportunity

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_eur-usd_body_eurusd.png, EURUSD ECB Rate Decision Trade Opportunity

Prepared by Jamie Saettele, CMT

The EURUSD is treading water ahead of the ECB rate decision and US Fed minutes. Resistance from the 38.2% retracement of the decline from 13071 has been reached but the narrow range of the last 2 days following the strong reaction at 12800 is suggestive of consolidation before a move towards the 61.8% retracement of the decline from 13172 and 9/21 high at 13030/47. 13115 and the high at 13172 are also in play of course. I’ll be looking for signs of failure near the top of the range, especially if on a post ECB or Fed minutes reaction. A drop below 12802 would shift focus to 12740/50. Short term Fibonacci support rests just below 12876 (Wednesday low) at 12865. In summary, I am bullish now and will probably turn bearish tomorrow.

LEVELS: 12754 12802 12876 12967 13030/47 13115

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