The ECB announce interest rates later today and this is just a quick look at how some EUR pairs are faring, from a technical point of view that is, before this announcement. Note that the ECB President, Mario Draghi, is speaking on Friday as well as there being an ECB Press Conference after today’s rate announcement.
EURX daily: the EUR$ index is consolidating within a triangle on the daily chart ahead of the ECB meeting:
EURX weekly: this daily-chart triangle is set within a larger Flag on the weekly chart where I’m still waiting to see whether a Bear Flag or bullish ‘Double Bottom’ evolve:
USDX daily: the US$ index is also within a triangle on the daily chart:
USDX weekly: however, the weekly chart here shows either a ‘Bull Flag’ or ‘Double Top’ trying to form.
EUR/USD: like the index, this pair is consolidating within a triangle on the daily chart and either a ‘Bear Flag’ or ‘Double Bottom’ on the weekly chart. Maybe today’s ECB news will help decide the outcome here:
E/U daily: the EUR/USD has been consolidating in a daily-chart triangle for the best part of four weeks now:
E/U weekly: ‘Bear Flag’ or ‘Double Bottom’? Tonight’s ECB may help define:
EUR/JPY: this pair had looked like it was on for a decent triangle breakdown but price has been supported at the 126.50 level which is a recent ‘Double Bottom’. This 126.50 level will be the one to watch with ECB news for any break or respect activity:
E/J daily: price has chopped along just above 126.50 for over two weeks now:
E/J weekly: the significance of the 126.50 S/R level can be seen from the weekly chart:
EUR/GBP: I wrote an article about this pair a little earlier and reminded traders about the importance of the 0.77 level. This is the level to watch in coming sessions after ECB and price is back above this as I type:
EUR/AUD: the 1.55 S/R level remains the one to watch for the time being.