EURUSD a probable breakout above 1,1460, having in mind the ECB meeting today

Today is the ECB meeting when the central bankers in Europe are expected to confirm the ending of the QE program. Looking at the big picture with EURUSD, we see that the market expects such a development of events today.

A sequential 200SMA test that lasts and a formed 9th from DeM Sequential.

The price is also on diagonal support, which is an additional positive signal. The price has kept above 61.8 Fibo, as a breakthrough above 50% will be confirmation of positivism at the cross.

The more conservative option here is to wait a break above 1.1460, which will confirm the positive moods of the couple. SL must be below 200SMA and the last local bottom or at 1.1150 for longer-term traders. At the ECB meeting and Draghi's statement, an increased volatility is expected, which we can use to better position in the market.

Alternative scenario: If the ECB decides to deviate from its previous plans / given the global risks -Brexit, slowdown in the economy and stock market decline / for a QE suspension, this is likely to result in a strong downward momentum for the pair. Breaking the price below 200SMA will reinforce the negative trend in the pair and we will probably see a price below 1.11 for the pair in the long run.

Read more:

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