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Markets focus on ECB monetary policy meeting at 12.45 BST and Draghi’s press conference at 13.30 BST.

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The ECB Rate decision due at 12.45 BST

The ECB are announcing their Rate Decision today along with a press conference to give insight into their policy decisions. Te rate is expected to be left unchanged at 0.00% but analysts will look to the press conference to provide guidance on the path of future increases.

EURGBP caution ahead of ECB

The EURGBP pair has performed well in recent weeks after finding support at a low of 0.8619. This low came in a descending area of support for the pair where buyers have stepped in. From here a higher low was created at 0.8700 and fronted by 0.8719. For now support comes in at 0.8840 which was used as resistance over the last two months.

The breakout above the falling trend line was confirmed with a retest today. However this must be treated with a degree of caution ahead of the ECB today. The market may react to any announcement by the Bank nullifying the technical signal generated in the short term. Yesterday’s high at 0.8958 provides a level of resistance to work with. Above this area the 0.9000 level provides a psychological barrier followed by 0.90511 and 0.91205.

EURJPY price consolidation

This pair is also under the influence of the ECB decision today and can see an impact from this event. The market has created higher lows and lower highs and price has been compressed to an area between 129.500 and 132.000 marked out by the two three touch blue trend lines. A break under the rising trend line would meet 128.975 as first support followed by the 128.000 level. From there 126.654 comes into play as a swing low with the late May low at 124.630 providing deep support.

Resistance for the pair is seen at the falling blue trend line with the 132.000 level above. The price is in close to the lower trend line and 131.000 may provide another hurdle to overcome, not to forget 130.000 also but this level can be consumed in any whipsaw move during the ECB event. The swing high at 133.470 would attract interest from traders followed by 135.000 and the February high of 137.515 remains a target to aim for.

 

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