Trading plan on EUR/USD for Dec 12, 2019

The Fed left the rate unchanged at 1.625%. From the point of view of the “Foundation”, this news is clearly in favor of the dollar since it was Trump who demanded to reduce the rate. However, we can see quite clearly the upward movement of EUR / USD, who overcame the important level of 1.1115 and closed the day higher. (What do the analysts who wrote “the Fed did not support the dollar” mean? – I don’t understand. They thought the Fed would raise the rate?)

Today, the market is waiting for two major events: the ECB meeting and the British elections.

On the ECB meeting, the rate will not be increased, of course – but a warning of an increase can happen. The ECB’s decision is at 13:45 London time, and the press conference of the new ECB head, Christine Lagarde, is at 14:30 London time

In the elections, polls show very high chances of winning for the Conservative party. This is positive for both the pound and the euro.

Keep buying at 1.1035 for euros

Possible strong pullback on purchases.

In the case of a full reversal, turn down at 1.1035

The material has been provided by InstaForex Company – www.instaforex.com

Source:: Trading plan on EUR/USD for December 12. The euro rose on the Fed. Important events are ahead.