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EURUSD ahead of ECB announcement

The EURUSD had a volatile session on Wednesday, with the pair bouncing to form a hammer at the 1.30 on the daily chart. At 1.29921 at the time of writing, the pair is taking a breather following yesterday’s gains. The hammer suggests that there we could see the pair turning all the way back to 1.31 and 1.32. We do expect this movement to be choppy though, as the 1.30-1.32 has typically been. Key resistance levels to watch at sit at 1.304 and 1314. Today’s ECB interest rate decision could be the catalyst the market needs for a decisive move. With the Americans celebrating Independence Day, we expect the market to be pretty dull after European hours.

Dafni Serdari
Market Analyst
Intertrader.com, Spread betting & CFDs
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