ECB rate speculation – Euro bulls looking to 1.500
The general consensus is that the European Central Bank will signal its intent s to raise rates higher later this week.
EURUSD bulls are looking to the 1.500 key figure which is also the previous swing high as per the attached chart below.
ECB officials are more than likely very concerned about ongoing inflationary pressures and the market is marking up the Euro accordingly.
Later this week, on Thursday, the ECB will have all FX market participants hanging on every word Trichet has to say and searching for hints as to future policy.
For further analysis see the Forex-FX-4X Forex, Gold and Silver Analysis blog.
