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Surprise ECB rate cuts

Discussion in 'Technical Analysis' started by FXStreet_Team, Mar 10, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    Today’s major FX action was all prompted by one sentence in the ECB press conference as president Draghi stated that no further rate cuts were required (at the present time). EUR/USD was already recovering from the 1.0820 lows posted in the wake of the rate cuts and extended APP, tipping 1.0900, but after the above revelation, the spot rate ripped higher, gapped through the 1.1000’s to hit an initial high of 1.1115. Highs have since been extended through 1.1150, but the mayhem was spread

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