EURUSD Daily – In Spite of tomorrow’s ECB Interest Rate Decision

Today’s US Data had a tremendous effect on EURUSD, sending it to a free fall, and breaking every single Support – real or imagined one.

It is not a problem to comment on it technically right now, and if there was not tomorrow’s ECB Interest Rate Decision, I would gladly pronounce the continuation of the Down Trend.

However, what we saw today – the straight Down Fall might be the straight Jump Up tomorrow…

Daily Chart

Markets are of course prone to react on important data, but lately seems as that is the only way markets moves.  No time for creation of a clear trend, nothing else matter…just the current data.

And that is not the way even the biggest players can use to make money.

We can’t predict the data, and even if we would have a crystal ball we could not anticipate how the market will react on it.

So what to do??

First of all, we have to wait for ECB , and after it things should be more clear.

What can we expect from the ECB ?

Now this is going to be a tricky one – EU officials were blubbering a lot about cutting Interest Rates last few months, and the problem is that they do like to run their mouths without any real understanding of the economical situation.

You can hear that Inflation is under control now, and everything is almost peachy – is that so ??

Either I am blind like a bat, or I have no clue about Economics ( wouldn’t be so sure on it ) , but whenever I go shopping , prices are way up….mostly around 50-60%, and they won’t go down ever again…and what about monthly expenses like electricity, gas, water…. So how come their data says the opposite ??

That is their usual Statistics – Gymnastics competition , that most of the Government’s  bodies participate in. We can’t do much about it…

But there is one very important part of it – Is the EU really going to go, on it’s own in spite of the US decisions ? Well, that would be the first.

Let’s see how it goes tomorrow – either they (ECB) will make a move on it’s own ( can’t predict how it would reflect on future ) or they’ll eat their words ( sorry, I have misspoken ) , leave the rates steady and give us some blubber in their Press Conference later on , to explain all their stupidity.

For now, we are left with the Technical Analysis , and it says – Down.

I will position myself within that view on intraday charts , be quick and merciless .

Happy hunting