{"id":155337,"date":"2019-09-13T08:10:47","date_gmt":"2019-09-13T12:10:47","guid":{"rendered":"https:\/\/www.countingpips.com\/?p=155337"},"modified":"2019-09-13T07:19:20","modified_gmt":"2019-09-13T11:19:20","slug":"euro-higher-as-ecb-launches-stimulus-program","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2019\/09\/euro-higher-as-ecb-launches-stimulus-program\/","title":{"rendered":"Euro Higher As ECB Launches Stimulus Program"},"content":{"rendered":"
September 13, 2019<\/div>
\r\n<\/div><\/div>

By <\/strong>Orbex<\/strong><\/a><\/p>\n

The euro saw a volatile day yesterday, as expected. The European Central Bank\u2019s monetary policy meeting saw Mario Draghi announce a stimulus package of 20 billion euro while cutting the deposit rate lower by 10 basis points.<\/p>\n

The euro initially fell but quickly recovered off the lows. The stimulus program was under question as economists thought that the ECB would wait for more data before committing to the QE program.<\/p>\n

ECB Starts Ultra-Loose Monetary Policy<\/strong><\/h2>\n

The ECB\u2019s announcements of QE and a rate cut saw the euro falling on the announcement. However, the common currency rebounded later in the day, turning bullish.<\/p>\n

The ECB\u2019s monetary policy meeting is the penultimate meeting chaired by Mario Draghi. The decision saw President Trump quickly capitalizing on the move, in a bid\u00a0to push the Fed to lower interest rates<\/a>\u00a0as well.<\/p>\n

Will the EURUSD Move Higher From Here On?<\/strong><\/h3>\n

The common currency failed to break below the previously established lows near 1.0944 \u2013 1.0925. The pair rebounded off this level and managed to close above 1.1030. A retest of this level will quickly establish support. Following this, we anticipate further upside. A test of 1.1140 now looks likely in the medium term.<\/p>

\r\n
\r\n

Free Reports:<\/p><\/div>\r\n

\r\n

<\/a>\r\n\t Get Our Free Metatrader 4 Indicators<\/u><\/b><\/a> - Put Our Free MetaTrader 4 Custom Indicators on your charts when you join our Weekly Newsletter<\/p>

\r\n
\r\n
\r\n

<\/a>\r\n\t Get our Weekly Commitment of Traders Reports<\/u><\/b><\/a> - See where the biggest traders (Hedge Funds and Commercial Hedgers) are positioned in the futures markets on a weekly basis.<\/p>

\r\n<\/div>\r\n

\r\n
<\/div>\n

\"eurusd\"<\/a><\/p>\n

Saudi Comments on Oil Fail to Push Prices Higher<\/h2>\n

Saudi Arabia, OPEC\u2019s largest oil producer said that the organization could look into\u00a0production cuts at the December OPEC meeting<\/a>. The comments come from the newly appointed oil minister, Prince Abdulaziz bin Salman.<\/p>\n

Oil prices have remained tame over the past month. They tanked earlier in the week after the US national security advisor, John Bolton. was removed from his post. The move means the US likely to take a softer stance on Iran.<\/p>\n

WTI Crude Oil Remains Range-Bound<\/strong><\/h3>\n

WTI Crude oil prices continue to trade flat within the support and resistance level of 54.42 and 57.50. This sideways range remains in place for well over a month and a half. Only a breakout from this range will determine the next leg in the trend.\u00a0 Oil prices remain bearish for the moment, with any upside seen only on a breakout above 54.42.<\/p>\n

\"wti\"<\/a><\/p>\n

Gold Prices Trade Flat Following ECB Announcement<\/strong><\/h2>\n

Gold prices were slightly volatile on Thursday, but the price was confined to a range. It is likely that the precious metal will maintain a flat position into next week\u2019s Fed meeting. For the time being, a lack of any clear fundamentals and a risk-on sentiment keeps the\u00a0prices\u00a0of the\u00a0precious metal in check.<\/p>\n

XAUUSD Fails to Break Out Above Resistance<\/strong><\/h3>\n

XAUUSD briefly spiked above the resistance level of 1508 on Thursday. But price action turned lower thereafter, settling back lower below the 1508 region. The sideways range of 1508 \u2013 1485 is expected to continue in the near term. Gold prices will remain range-bound unless we get to see a strong breakout from this level. The bias is to the downside, for a possible move to 1431 \u2013 1428 region.<\/p>\n

\"\"<\/p>\n

By <\/strong>Orbex<\/strong><\/a><\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

By Orbex The euro saw a volatile day yesterday, as expected. The European Central Bank\u2019s monetary policy meeting saw Mario Draghi announce a stimulus package of 20 billion euro while cutting the deposit rate lower by 10 basis points. The euro initially fell but quickly recovered off the lows. The stimulus program was under question […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-155337","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/155337","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/comments?post=155337"}],"version-history":[{"count":3,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/155337\/revisions"}],"predecessor-version":[{"id":155353,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/155337\/revisions\/155353"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=155337"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=155337"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=155337"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}