ZuluTrade Blog

Market View

Reviewing EUR pairs before ECB

Thursday, March 9, 2017 5:20 AM GMT

European stocks opened lower ahead of European Central Bank’s press conference as investors anticipated to hear what they would say about monetary policy due to the fact that inflation in the Eurozone increased to a new high.  EU officials have too many concerns lately like the upcoming high-risk elections in Netherlands and France.  Though most economic data are improving, Economic sentiment is at a six-year high, trade is recovering, services and manufacturing output are growing, and unemployment is falling, signifying the economy is in its best shape of all time. Aside from the ECB meeting, the EU Summit will also set in today, with Brexit and Greece at the top of the schedule.

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Overall, the EUR pairs seem to have positive momentum before ECB interest decisions and Draghi’s speech. Some of them are already overbought while others are oversold on daily timeframe. Let’s take a look at the hourly timeframe and review few important demand and supply zones where traders may find good opportunities during the day.