The ECB cut its deposit interest rate by 10 basis points to -0.10%. The ECB is the first central bank which introduced negative rates. The euro lost its steam and trading near a four-month low. It has been consolidating for last six trading sessions. The pair was priced before the event and in yesterday's session, it just drifted to 1.35 levels and pulled back to 1.3670 levels. In yesterday's article we recommended to buy the pair at 1.3520 with sl 1.3477.
Currently, the pair is trading near crucial resistance level at 1.3670. Until the pair closes above the level of 1.3670, positional buying is not safe. Traders can buy only above 1.3673 for an up move 1.3688, 1.37, 1.3735 and 1.3757(50-day SMA) levels. Until the pair trades above 1.3670, traders can short for 1.3630, 1.3620 and 1.36.
Sell with sl 1.3670.
The material has been provided by InstaForex Company - www.instaforex.com
For detail explanation and best discovery on market trends you may visit via Technical analysis of EUR/USD for June 06, 2014 . Thanks for your support on Technical analysis of EUR/USD for June 06, 2014
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