EURUSD Post ECB President Lagarde Forecast | 21st March 2023
Fundamental Backdrop
1. ECB President Lagarde spoke recently stating that the European Central Bank is maintaining its current monetary policy stance, which suggests that the ECB is confident in the current state of the economy
2. ECB most recently hiked rates by 50bps.
3. USD continues to face uncertainty and volatility due to the SVB crisis.
4. All eyes will be on the FOMC meeting and the Fed Fund Rate.
5. More dovishness on the USD will lead to EURUSD heading higher.
Technical Confluences
1. Price bounced strongly off the 1.05500 support level.
2. Near-term support at 1.06800
3. Next resistance at 1.08000
Idea
Anticipating price to potentially retest the near-term support at 1.06800 before heading towards the next resistance at 1.08000
NOT FINANCIAL ADVICE DISCLAIMER
The trading related ideas posted by OlympusLabs are for educational and informational purposes only and should not be considered as financial advice. Trading in financial markets involves a high degree of risk, and individuals should carefully consider their investment objectives, financial situation, and risk tolerance before making any trading decisions based on our ideas.
We are not a licensed financial advisor or professional, and the information we are providing is based on our personal experience and research. We make no guarantees or promises regarding the accuracy, completeness, or reliability of the information provided, and users should do their own research and analysis before making any trades.
Users should be aware that trading involves significant risk, and there is no guarantee of profit. Any trading strategy may result in losses, and individuals should be prepared to accept those risks.
OlympusLabs and its affiliates are not responsible for any losses or damages that may result from the use of our trading related ideas or the information provided on our platform. Users should seek the advice of a licensed financial advisor or professional if they have any doubts or concerns about their investment strategies.
1. ECB President Lagarde spoke recently stating that the European Central Bank is maintaining its current monetary policy stance, which suggests that the ECB is confident in the current state of the economy
2. ECB most recently hiked rates by 50bps.
3. USD continues to face uncertainty and volatility due to the SVB crisis.
4. All eyes will be on the FOMC meeting and the Fed Fund Rate.
5. More dovishness on the USD will lead to EURUSD heading higher.
Technical Confluences
1. Price bounced strongly off the 1.05500 support level.
2. Near-term support at 1.06800
3. Next resistance at 1.08000
Idea
Anticipating price to potentially retest the near-term support at 1.06800 before heading towards the next resistance at 1.08000
NOT FINANCIAL ADVICE DISCLAIMER
The trading related ideas posted by OlympusLabs are for educational and informational purposes only and should not be considered as financial advice. Trading in financial markets involves a high degree of risk, and individuals should carefully consider their investment objectives, financial situation, and risk tolerance before making any trading decisions based on our ideas.
We are not a licensed financial advisor or professional, and the information we are providing is based on our personal experience and research. We make no guarantees or promises regarding the accuracy, completeness, or reliability of the information provided, and users should do their own research and analysis before making any trades.
Users should be aware that trading involves significant risk, and there is no guarantee of profit. Any trading strategy may result in losses, and individuals should be prepared to accept those risks.
OlympusLabs and its affiliates are not responsible for any losses or damages that may result from the use of our trading related ideas or the information provided on our platform. Users should seek the advice of a licensed financial advisor or professional if they have any doubts or concerns about their investment strategies.
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