EUR/USD & ECB’s interest rate decision: Will Draghi provide some hints on further QE “tapering”?

news_DragiToday at 11:45 GMT we’ll have the ECB’s interest rate decision, where is highly expected to see that officials will leave unchanged its policies and rates will stay on hold. During the last meeting, economic forecast was changed slightly by Mario Draghi, but today’s headline could be any hints that ECB’s president may provide about a possible QE tapering. If we hear some words about it, then EUR may pop higher, as demand will increase.

Our technical view for EUR/USD at H4 chart is showing a very weak pair, as the spot is finding support at the 1.0969 level. There is still a high risk to the downside, because if the pair manages to do a breakout there, we could expect another decline towards the 1.0821 level, which is well below the July’s lows. In another scenario, where Draghi’s words may be hawkish or specifically, he brings some hints about QE tapering., we can expect a rebound towards the 1.1154 level in a first degree.

Origin: FX BAZOOKA

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