Huge profit taking expected after ECB policy announcement

By FXstreet.com | July 03, 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."



comments powered by Disqus
Related Forex Analysis
  1. EUR/USD sitting just above 1.2950 support
    Forex News

    EUR/USD sitting just above 1.2950 support

  2. Yen Gains, Aussie Dollar Falls on Soft Chinese Economic Data
    Forex News

    Yen Gains, Aussie Dollar Falls on Soft Chinese Economic Data

  3. USD/JPY drifting lower, but still well above 107.00
    Forex News

    USD/JPY drifting lower, but still well above 107.00

  4. Crude Oil Prices Aiming to Extend Lower, SPX 500 May Be Topping
    Forex News

    Crude Oil Prices Aiming to Extend Lower, SPX 500 May Be Topping

  5. USD/JPY Technical Analysis: Prices Set New Six-Year High
    Forex News

    USD/JPY Technical Analysis: Prices Set New Six-Year High

Trading Center