Results of the last trading day:
On Wednesday, 7 March, trading in the euro / dollar ended slightly up. The euro updated intraday high at 1.2448 during the European trade, at least 1.2385 - in the US session. By the close of the day the price rebounded to 1.2411.
The US currency strengthened against the euro from 1.2448 against the background of partial profit and yield favorable US labor market data.
Data from Automatic Data Processing (ADP) showed that the US private sector in February was created 235 thousand. New jobs compared to 234 thousand. The previous month (forecast was 195 thousand.). They are important before tomorrow's report Non-Farm
Planned statistics (GMT +3):
09:45 Switzerland will report on changes in the unemployment rate for February.
At 10:00 Germany will declare the change of volume of industrial orders in January.
At 15:45 the ECB will publish a decision on interest rates.
At 16:15 Canada will report on changes in the number of bookmarks of new foundations for February.
At 16:30, a press conference of the ECB. Canada will release the index for new housing prices for January and declare the change of volume of building permits issued in January. US report on changes in the number of initial applications for unemployment benefits.
Fig. 1 euro / dollar, hour period. Data source: TradingView
Expectations were completely justified yesterday's movement. First worked out the maximum forecast, then at least to the closure of the day and returned to the level of 1.2411.
At the time of writing, the euro is worth 1.2407 review. Price trading near book line LB. Due to the upcoming press conference M.Dragi without review forecast. Draghi with peyrolsom unpredictable, so technical analysis on them does not work.
If you start from the daily TF, then appeared bearish signs on Stochastic Oscillator. But again, Draghi does not look at the technical indicators. He can drive the price at any price, regardless of the level generated pricing models. On the day of the press conference and the Non-Farm Payrolls, I prefer to stay out of the market.
Today, due to speak, US President Trump for trading duties on steel and aluminum.
Vladislav Antonov Alpari