On Wednesday, the EUR/USD pair tried to break out up, however the sharp movement up was immediately pushed back below 1.1600.
We can explain this jump on the pair as an attempt of the market to get the price higher before today’s European Central bank press conference where is widely expect that ECB will increase its QE to support ultra-low inflation.
The question right now is whether the price will go further down to its 11-years low, or it will return slightly up as market already priced in the worse scenario.
The press conference is taking place at 1:30pm GMT which is 45 minutes after they will announce a minimum bid rate. We expect very high volatility during these hours! The movement is sideways.
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