European & US sessions forecast levels: 1.3190/1.3435
Trend Sessions: European: Neutral/Downward
Market Focus: 6:00 AM Germany Factory orders, 8:30 AM Initial Claims, Productivity-Prel, Unit Labor Costs, 3:00 PM Consumer Credit, 7:45 AM ECB Interest Rate announcement, 8:30 AM ECB press conference following the interest rate announcement.
Daily Strategy: The most important event today is the expecting European Central Bank interest rates decision. The Euro Zone interest rates currently are 1.25%. It is expecting cut of the interest rates with 25 bps to 50 bps. The following press conference is also important moment for the forex traders. In spite the expecting narrow of the interest rates levels between USA and Europe the euro remain stable and strong against the dollar. If the cut is 50 bps is expecting the euro to be set under pressure to lose the recent gains.