Yesterday’s European Central Bank meeting went as expected – the central bank did not change the main rates, but it was given to understand that they would be raised in the foreseeable future. The markets reacted with such a statement by ECB President Christine Lagarde, laying down futures for the first increase in June.
The euro rose by 136 points and reached the first bullish target of 1.1450. Now, after consolidating above the level, we expect further growth to the target range of 1.1700/22. This range has been market support/resistance since August 2015.
On the four-hour chart, the price went above the level of 1.1450, but today is Friday and yesterday’s growth was significant, so profit-taking is likely, especially since retail sales data in the euro area for December will be released in the afternoon and the forecast is -0.5%, and the US is employment data, and the forecast for new jobs in the non-agricultural sector is 110-150,000. We are waiting for a new wave of growth from next week.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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