One of the central events of today will be the ECB meeting on the issues of national monetary policy. It is expected that interest rates will remain at the same level, but in the rhetoric of the regulator is quite possible some changes related to the deterioration of not only the global economic situation, but also the economic situation in the euro area itself.
Market participants anticipate a press conference President of the ECB Mario Draghi, who will be seen in terms of the details of the measures already presented economic incentives designed to spur the growth of inflation and get the economy back on a growth trajectory. Particular attention will be paid to the question of long-term refinancing operations of the target (TLTRO), as well as low interest rates for a longer period of time. It is worth noting, whatever the signals from the ECB, it is clear that they all point to continue the vital need to maintain loose monetary policy, which is an excellent fundamental basis for long-term depreciation of the exchange rate of the main foreign exchange risk. Considering the above, prospective deal today may be to sell EURUSD after its probable growth volatility resistance 1.13. Additional pressure on the euro could have and the potential escalation of trade tensions between the US and the EU. Recall that the US is seriously considering the possibility of imposing tariffs on goods from the EU in the amount of $ 11 billion, including civilian aircraft and agricultural products.
EURUSD SellLimit 1,1310 TP 1,1050 SL 1,1350
Brent crude closed Tuesday's trading session below $ 71 per barrel, allowing sellers to seize the initiative from buyers. Despite the fact that most of the quotes of the day were in the black, get support at aggravation of geopolitical tensions in Libya, which represents an additional threat to the world's supply, at the end of the day the foundation of "smile" and sellers. On a monthly report released on Tuesday, the US Energy Information Administration (EIA) raised its forecast for oil production in the US in 2019 to 12.39 million. Barrels a day, is 0.7% higher than the March forecast. Increased forecast production growth for 2020, to 13.1 million. Barrels. A similar pattern was reinforced by weak IMF expectations for global economic growth for this year. In particular, global economic growth forecast was revised from 3.5% to 3.3%. Even more powerful diver decline in oil prices could be data on US oil inventories change from the EIA, which will be published today at 17:30 GMT. According to a survey of analysts S & P Global Platts, it is expected that US crude stocks in the week ended April 5, increased by 2.8 million. Barrels. Earlier, stocks rose for two straight weeks. In that case, if the expectations are confirmed, sellers can get a good opportunity to return to the fundamental prices below $ 70 per barrel.
UKOIL SellLimit 71,20 TP 68,00 SL 71,70
Analytical reviews and comments reflect the personal opinion of the authors and are not a recommendation to trade. Author trader analyst Artem Deev company AMarkets.