Huge profit taking expected after ECB policy announcement

By FXstreet.com | Updated July 30, 2014 AAA

FXStreet (Łódź) - Independent Analyst Vladimir Mihaylov expects significant profit taking at the end of the day today, following ECB's monetary policy decision announcement and ahead of the US holiday on Friday.

Key quotes



"As the price is above 1.3630 EUR/USD is bullish. First target is 1.3725 and the second one is 1.3780, finally 1.3840-50, where a correction to the downside must appear."



"Bearish scenario is if 1.3630 is broken, first target will be 1.3590-1.3600 support area, if broken next target will be 1.3510-1.3485."



"Remember that tomorrow US markets will be closed because of the national holiday, and market players will take their profits by the end of the day, so i expect significant pullbacks."



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