ECB leaves the rate unchanged. EURUSD supported now at 1.4842/48.
The ECB kept the rate unchanged as expected. Trichet speaks at 8:30 AM.
From a technical basis, the price held the 200 hour MA last night reaching a low of 1.4811 with the 200 hour MA at 1.4806. There was also trendline support of the 5 minute chart at the level.
The hold, gave buyers a reason to buy and shorts a reason to cover as well. Off the BOE move, the EURUSD was dragged further higher and is now also above the 100 and 200 bar MA on the 5 minute chart. The price is also above the close from yesterday at the 1.4860 level and a ceiling that was developing on the 5 minute chart at 1.4856. If the market can hold above the 100 and 200 bar MA at the 1.4842/48 area, the upside remains the preferred bias today. I iwill be looking for buying on dips with stops below this level
A move below will look toward the trendline support at 1.4827 currently with a break looking toward 1.4810/12 and then 1.4775
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