Wednesday, February 21, 2024

EUR/USD Daily Analysis and Trading Tips for 26 Oct 2022



Support / Resistance: 0.9920 - 1.0040

All eyes are on Thursday, when the European Central Bank is expected to raise interest rates sharply. From the current level of 0.75% to 1.50% (ECB Rate On Deposit Facility).
That is why the Euro started to recover in the last few days. The tendency to strengthen the Euro will continue today, as we expect to see levels above parity until the ECB's decision.
Among the important economic data today are New Home Sales (MoM)(Sep) at 10:00 AM ET, as well as the decision by the Bank of Canada, where interest rates are expected to rise from 3.25% to 4.00%.
The strategy today is to hold long positions in anticipation of levels above 1.0000.
Raising interest rates in the Eurozone to 1.5% will not be enough to fight high inflation and comments on further rate hikes are expected after the decision.

Trade with clear and accurate signals.

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