EUR/USD May Become Scalping Target Ahead of ECB Decision.
The EUR/USD is surprisingly finding support on a day where the general theme is risk aversion and European fundamentals improved a dovish case. Indeed, the EZ-CPI estimate slipped to 1.6% from 1.7% as expected, with the German unemployment change printing at -17K, missing expectations of -20K. The support could be attributed to the hawkish comments from ECB president Trichet at the Jackson Hole Conference, where he spoke against additional stimulus and encouraged countries to begin “absorbing liquidity”. Therefore, with the ECB rate decision ahead on Thursday we could start to see the pair consolidate as we approach the event risk. Additionally, converging support and resistance levels has the pair range bound increasing its attractiveness as a scalping target.
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