"We have not seen sufficient evidence to alter our assessment of the inflation outlook, and we are not sufficiently confident that inflation will converge to levels consistent with our inflation aim in a durable and self-sustaining manner."
— Mario Draghi, President of the ECB (based on Reuters)
Pair's Outlook
The first half of today's trading session demonstrated strong upside momentum that pushed the Euro towards the upper boundary of the broadening wedge. This was primarily the result of the ECB' announcement mid-day. Since then, the pair continues to trade in both the green and read area, suggesting indecisiveness between traders. The base scenario favours the prevalence of bulls, making a close near the weekly R3 and the 23.6% Fibo. However, the Euro might also reverse its direction, setting the 121.10/120.90 area as a possible closing range.
Traders' Sentiment
SWFX market sentiment is bullish today, with 55% traders holding long positions. Meanwhile, 60% of pending orders are to buy the Euro.
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