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Today, the entire attention is focused only on the ECB meeting on monetary policy, or rather to the subsequent press conference by Mario Draghi. There is almost no doubt that nobody will touch the refinancing rate today, hence, investors will be interested in the words of the ECB head. If Mario Draghi declares the possibility of raising the refinancing rate this spring, then the single European currency will continue to grow. Such assumptions will follow from the ECB minutes of the meeting, which referred to such an opportunity. However, Mario Draghi can speak in such a way that he does not have to say anything, and if his speech disappoints the market participants, then there could be a high probability of a serious correction.
The euro/dollar currency pair continues to satisfy its buyers with an intensive ascending movement, which is located in the value of 1.2410. Currently, we could see a slight stagnation where the bears are trying to reverse the quotation. It is logical to wait for the correction, but the news background creates some conflict after the shot. With this, there could be two variations, we sit on the fence before the exit of Mario Draghi or we expect stagnation (consolidation on small TF) and we enter the position from there.
The pound/dollar currency pair moves in an even more aggressive upward movement, reaching 1.4327 level. Probably, it can be assumed that the bears will still try to pull the cup to their side, pushing us to the levels 1.4180 / 1.4130.
* The presented market analysis is informative and does not constitute a guide to the transaction.
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