EUR/USD binary signal - ECB Monetary Policy Meeting - 14 Jun 2018

Hello everyone, there's a hit coming up on the EUR/UsD pairs. The European Central bank will be holding its monetary policy meeting today starting at 13:30 GMT. According to the economists polled and the wider market expectations, the ECB is expected to leave key interest rates unchanged at today's meeting.

The central bank's QE program is also expected to remain unchanged as the ECB continues to purchase bonds at the pace of 30 billion euro a month. The ECB's QE is expected to end in September 2018.

Today's ECB meeting is likely to be very important based on the fact that just last week, the ECB's chief economist Peter Praet told news reporters that, officials were mulling on ending its QE program.

While there is only a slight chance that officials will announce their decision today, the QE program is all but expected to end in September as previously announced by the ECB during the previous tapering decision.

If officials manage to announce the tapering decision or an end to QE, then it is quite likely that interest rates in the Eurozone will rise in about nine months time. This puts the first rate hike from the ECB in 2019, which comes nearly more than a decade of leaving interest rates at all time lows.

Besides the ECB's decision, the central bank will also be releasing its economic projections as well as holding a press conference chaired by the ECB President Mario Draghi.

Today's binary trading signal is EURUSD, the currency pair has managed to hold its ground on Wednesday at the support level of 1.1730. Currently, the pair is trading at resistance level 1.1820, we expect the EURUSD to dip to intraday lows and eventually closing lower on the day.
References: charts from FXCM

Disclaimer: The article is written for informative purposes only and it is not financial advice. The author does not have any position in the currency pairs mentioned, and no plans to initiate a position. He wrote the article himself and expressed his own opinions. He has no business nor personal relationships with any mentioned government entities or stocks. Readers should not treat any opinion expressed by the author as a specific inducement to make a particular trade or follow a particular strategy, but only as an expression of his opinion