ECB Preview – Draghi’s Final Decision-Forex Factory Signals
The European Central Bank is out with its latest policy decision today this will be the last meeting for Mario Draghi who will be stepping down and making way for a Christine Lagarde the broad consensus is the ECB won’t be making any waves today leaving policy on hold after already unveiling a broad monetary stimulus package in September of course with Draghi heading out there is some risk around any added flare from the central banker as he heads for the exit door there has been criticism in the aftermath of the ECB’s latest easing gestures.
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The market will also be looking for any signs of tension amongst ECB members but in order to preserve his legacy Draghi will likely defend recent Central Bank actions while even supporting the possibility for additional stimulus in light of softening economic data and bigger picture macro themes that pose as a threat to the eurozone economy as far as euro dollar technicals go short-term levels to watch above and below come in at 1 1182 and 1 1105 respectively which represent the current weekly high and low a daily close above 1.1182 will expose an immediate retest of 1.1250 which guards against the more critical resistance of 1.1415 a daily close below 1.1105 will open the door for a pullback back towards the recent year really low and multi month low at 1.0870.
