ECB non-monetary meeting EURUSD trading

ECB non-monetary meeting EURUSD trading promises to bring some positive movements for the Euro pair, according to the analysts at ADS Securities.

17 May, ADS Securities – The Euro surged higher against the US Dollar for the third straight session yesterday and finished at 1.1082, after hitting a six-month high at 1.1097, as the Eurozone’s trade surplus rose to the highest level in history in March amid steady economic growth in the first quarter of 2017.

ECB non-monetary meeting EURUSD trading

At present, the pair is trading in an upward trending channel on the 1H chart, ahead of Eurozone’s CPI data and ECB meeting held later in the day. Additionally, the MACD indicator is tranquil at a higher level above the centreline, further verifying the above view.

Important resistance is situated at the 1.1140 level, followed by the 1.1165 and the psychological 1.1200 levels. A clear break above the latter might trigger further upside momentum in the pair. On the contrary, immediate support is positioned at the 1.1075 level, followed by the 1.1040 level and 1.1015 where EMA 55 is placed.

ECB non-monetary meeting EURUSD trading

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