Yesterday ECB decision was a bit of surprise. Mr.Draghi failed to deliver faster pace of QE measures and ECB has extended the program by 6 months – to March 2017. Deposit rate has been cut to -0.30% Main refi rate has been unchanged at 0.05% and marginal lending rate is also unchanged at 0.30%.
Money has moved to cash. We have to watch GOLD price in next couple of days, as we could see a rebound.
NFP today will move the price but that could be used for pullback trading. If we get a pullback to POC zone, there should be another leg of buying. POC comes in 1.0700-20 zone (EMA89, 61.8 %, MPP). We need to use monthly camarilla PP for EURUSD analysis, due to an almost 500 pip movement yesterday where all Weekly and Daily pivots have been broken.
If we get another leg of buying and 1.0650 stays strong we could see another retest of 1.0950 followed by 1.1000 and 1.1050 – H5 Monthly camarilla pivot.
The analysis and the article presents Nenad's opinion. Remember, financial trading is highly speculative & may lead to the loss of your funds. Proper risk management is the Holy Grail of trading.
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