Hello dear colleagues!
Yesterday's trading of the main currency pair on Forex was carried out relatively calm and in a fairly narrow range. US durable goods orders data was mixed and actually had no effect on the EUR/USD price dynamics. At the moment, the situation is quite the opposite. The European Central Bank's decision (ECB) about the interest rates and its head Christine Lagarde's following press-conference are on the major agenda today. The ECB is unlikely to revise rates and they apparently remain unchanged.
However, the rhetoric of Christine Lagarde's speech will have a direct impact on the price dynamics of the single European currency, concerning the whole range of the currency market. Notably, the ECB will announce its rate decision today at 14:45 MSK. Besides, the ECB head's press-conference is scheduled at 15:30 MSK. There is almost no doubt that EUR/USD will be trading very volatile today. Besides, Mrs. Lagarde's speech will affect the pair's rate direction. Now it's time to observe the price charts, and let's start with the daily timeframe.
Remarkably, EUR/USD has been trading in a narrow range of 1.1626-1.1585 for the last two days. At the same time, the red Tenkan line of the Ichimoku indicator exerts strong resistance to the pair's growth. It is clearly visible on the chart. The nearest targets will be outlined above and below. In the case of growth the pair EUR/USD may rise to the previously identified price zone of 1.1700-1.1750. The descending scenario will bring the rate down to the support area of 1.1525-1.1500. It is hard to predict the price direction at the moment, it will depend on the rhetoric of the ECB head.
According to this data, it is absurd to give any trading recommendations. Judging on decades of my analytical experience, I consider that the euro will grow today. However, it is only an assumption. Consequently, I suggest not to take risks and not to open positions on EUR/USD now. Let's await the major economic events, the reaction of market participants. Besides, later it will be possible to choose the trading strategies for the main currency pair on Forex. That is all for today. I think there is no point beating around the bush today and writing lengthy trading recommendations, misleading readers
Be healthy and good luck!
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