forex FX Price Action Setups in EURUSD

[Anzo Lim 0]

The next week-and-a-half bring a busy economic calendar loaded with items of interest, key of which are Central Bank rate decisions out of Europe and the FOMC. FX markets are relatively quiet with the big drivers on the horizon, but a number of areas present pockets of potential opportunity.

 

In the US Dollar, the currency is holding at a key zone of resistance that runs from 98.33-98.50, which can help to keep the door open for short-side strategies. 

 

Is this the meeting where the European Central Bank makes another throw into the QE array? A rate cut here is widely-expected but that may not move the needle much in Euro price action. A QE announcement, however, could bring far more impact but the bigger question is whether the bank is there yet and with a leadership change set to take place later this year, it may be an inopportune time to make new announcements that will have to be executed upon by someone who hasn’t even taken office yet. This can set the Euro up for strength potential on an ECB disappointment. From a technical perspective, there isn’t yet much to work with although setups on either side can be justified based on timeframe used for analysis.

 

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