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FxGrow Fundamental Analysis – 17th Jan, 2017
By FxGrow Investment Research Desk

EURO Levels Awaits ECB Interest Rates Decisions

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Once again, the European Central Banks (ECB) will have the upper hand as they will decide on either to leave rates at current 0.0% or follow the path of US Fed recent 0.25% hike. The meeting is scheduled 8 times per year and this Thursday, 19 Jan, at 12:45 PM GMT. Last meeting was held on 8th of Dec 2016 and ECB decided to leave rates at 0.00%. Shortly by, Mr. Draghi held a press conference where he added that ECB will make a reduction of 20B Eur from original 80B Eur bond purchasing and market didn't digest Draghi's decision which resulted in collapsing EUR/USD levels, adding more weight on the Euro zone after going through hard Brexit.

Forecasts are to leave interest rates at current 0.00% but the devil lies in the details as Draghi will once again head a press conference shortly after ECB interest decision at 1:30 PM GMT. Draghi will have three choices.

1- Add additional cuts on 20B Euro from original 80B Eur which could depress the EURO further more.

2- Leave bond purchasing at current 60B Eur as markets are anticipating.

3- Increase the 60B Eur bond purchasing and this could restore confidence and boost EURO value.

On 19th Jan 2017, markets are expected to be highly volatile before and after the ECB min bid rate. On 8th of Dec 2016, EUR/USD levels peeked to 1.0873 high, then collapsed to 1.0597 low. Then extended bearish momentum the next day further more as the pair plunged to 1.0530. Traders can benefit from this unique event as market will be highly volatile.

Resistance levels : R1 1.0673, R2 1.0765, R3 1.0852, R4 1.0943

Support levels : S1 1.0541, S2 1.0468, S3 1.0358, S4 1.0258


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Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.
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