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EURUSD changed the trend into upward - trading strategy this week
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post Mar 13 2016, 11:41 PM
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From: Belgium
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The markets were surprises in the last week with European Central Bank (ECB) decision to cut the main Refi rate with 5 basis points to 0.00%. The deposit rate cut with 10 basis points to -0.40%. In a moment when United States raises the interest rates with 25 basis points to 0.50% ECB reaction was a shock for the investors.
The Euro gains over 200 pips in spite the rising divergence between USA and Europe interest rates politic. Additional ECB raise the monthly asset purchase program to EUR 80 billion from 60 billion.
The market accepts these steps as support for the Euro Zone growth and the investors prefer to buy Euro.
There are few economic events that will send new signals for the situation in the Euro Zone like Monday's Industrial Production at 10:00 GMT, CPI and Trade Balance of Euro Zone on Thursday at 10:00 GMT and the most important event for the week is Non-monetary policy's ECB meeting on Wednesday at 8:00 GMT.
On the other side of the Atlantic the key events that recommends to focus your attention are Retail Sales and PPI on Tuesday at 12:30 GMT. On Wednesday there are several important events at 12:30 GMT like CPI, Housing Starts, Building Permits, Industrial Production at 13:15 GMT and Fed Interest Rate Decision at 18:00 GMT with the press conference at 18:30 GMT.
The technical analysis shows that the key support is formed at 1.0820 followed by 1.1080 as the resistance is at 1.1220 and 1.1375. trading strategy this week is to open long positions using the first support at 1.1080.

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