Fx Signal Technical Analysis
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EUR/JPY Technical Strategy: Bullish, retracing after ECB extended QE level. Fx Signal Technical Analysis.
EUR/JPY ran up to a fresh 7-month high catching resistance at a long-term levels of 123.11.
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In our last FX article, we looked at the EUR/JPY with a fx signals sent out for EUR/USD, USD/CHF and XAU/USD with eyes on the major level around 120.11. And less than 11 pips below that 124 -level we have a long-term level as 61.9% of the major move spanning the low from the year 2000 to the high set in 2008.
The near term pullback in USD/CAD following the Organization of Petroleum OPEC meetings may continue to gather pace over the coming days as the pair clears the November low 1.32646 and works its way towards the bottom of the upward trending channel carried over from May 2016; may see dollar up and down further retrace the rebound from the October low levels.
Euro Whiplashes as ECB Extends QE
– ECB kept Rate at 0.01% and Deposit Facility Rate at -0.50%.
– Asset Purchase program length extend, quantity per month lowered also seen by Reuters and Bloomberg news feed.
UPDATE: In his opening comments at the press conference, Mr Mario Draghi quoted the ECB will loosen its bond buying.
Chart 1: EUR/USD 1-minute Chart Intraday
ECB Has High Burden Euro Today shows weaker
– ECB meets for last time this year with changes expected to its QE program.
– Failure to address market’s ‘Christmas List’ of policy changes could see the Euro rally, regardless of an extension.
The ECB meeting is expected to bring about significant changes to the ECB’s bond-buying program. At a minimum, the ECB will announce a six-month extension, extending the duration of its QE operations from March to September 2017. Any downside from this announcement has already been priced-in to the Euro, by our estimates; the formal recognition of this policy adjustment itself should have little impact on the Euro.
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