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ECB is expected to unleash a fresh round of stimulus measures on Thursday after inflation in the Euro zone remained at 0.1% in Nov compared to forecast of 0.2%.
- The ECB may extend the QE beyond Sep 2016 and choose to continue till Mar 2017. Market are expecting to increase the monthly bond purchase by €10bn and to add €500 billion of asset purchases on the top of original €1.14 trillion
- The central bank is expected to slash deposit rates further by 10 to 20 bpbs.
- If ECB kept its deposit rates unchanged - pair is expected to move slightly higher use this opportunity for entering fresh shorts
- The pair's major intraday resistance is around 1.0640 and break above targets 1.0690.
- It is good to sell on rallies around 1.0690 with SL around 1.0730 for the TP of 1.0550.
- If ECB cuts deposit rate by 10- 20 bpbs or more than expected rate cuts will drag the pair further down till 1.0460/1.0400.
It is good to sell below 1.0550 with SL around 1.0650 for the TP of 1.0460/1.0400
