This article discusses the upcoming ECB decision and its potential ramifications for the euro's outlook. In the piece, we also explore the technical profile for EUR/USD, EUR/GBP, and EUR/JPY, assessing price action dynamics and market sentiment.
Lagarde is likely to embrace a neutral stance, refraining from sending signals that could inadvertently create unrealistic expectations in either direction. Although disappointingdata over the past couple of months may argue for a more dovish position, policymakers may opt for caution in the face of stalled progress on disinflation.
On the flip side, if the pair loses vigor and retreats back below the 1.0900 mark, attention is likely to shift to confluence support at 1.0850. Bulls need to vigorously defend this floor; failure to do so might precipitate a pullback towards 1.0790. On further weakness, all eyes will be on 1.0725.has been in a downtrend since November, but the intensity of the selloff has eased, with prices perking up and approaching resistance near 0.8575.
Alternatively, if buyers regain control and trigger a meaningful rebound, primary resistance can be identified at 163.50, as previously noted. It's too early to determine if bulls will gather the strength to take out this barrier, but if they do, a potential move towards last year’s peak near 164.30 could be in the cards.Leveraged trading in foreign currency or off-exchange products on margin carries significant risk and may not be suitable for all investors.
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