EUR seen recovering slightly ahead of ECB's interest rate announcement

FXStreet (Łódź) - Independent Analyst Vladimir Mihaylov believes that the small upside correction in the EUR, following the 1.3370 fall seen last week, has no solid ground below and after the ECB's meeting on Thursday it could come under selling pressure again.

Key quotes

"We have also the PMI, EU retail sales and Germany's factory orders this week too, so it will be an interesting trade till Friday. A lot of US important data will be released too."

"For now the main EUR move is to the downside with corrections to 1.3450."

"Above that the upside may reach 1.3505, but i think this will be used to open new SHORT positions."

"Remember that if we have EUR positive Mr. Draghi's speech, we may reach 1.3560-1.3600 very quickly."

"But I prefer the first scenario for now - drop to 1.3300. There you may enter LONG to try to catch the recovery wave to 1.3500."