I won't be taking any trade on EUR before ECB but the announcement that will be made and the subsequent reaction will be interesting for this chart. After what seems to me like a major top (March 18th-ish) confirmed by RSI(14) divergence, EUR/USD is rallying up again.
I comes at previous price structure that was major.
Thus, if the ECB conference and decision is overall bearish, I'll be looking to short this. If the ECB brings bullish news for the euro, than we will wait to see the market's reaction. If the bulls don't take decisive control, I'll short the hell out of this pair especially with NFP coming out Friday - where I expect the number to be good.
If, finally, ECBs conference and decision are bullish and the market reacts positively to it, I won't get into this trade, of course.
But the key message is: EUR/USD could go down but do not take action before ECB!
Enjoy.
I comes at previous price structure that was major.
Thus, if the ECB conference and decision is overall bearish, I'll be looking to short this. If the ECB brings bullish news for the euro, than we will wait to see the market's reaction. If the bulls don't take decisive control, I'll short the hell out of this pair especially with NFP coming out Friday - where I expect the number to be good.
If, finally, ECBs conference and decision are bullish and the market reacts positively to it, I won't get into this trade, of course.
But the key message is: EUR/USD could go down but do not take action before ECB!
Enjoy.