13 December 2019, EUR/USD
EURUSD trading plan:
We are expecting a bearish rally today. "The Governing Council expects the key ECB interest rates to remain at their present or lower levels until it has seen the inflation outlook robustly converge to a level sufficiently close to, but below, 2% within its projection horizon, and such convergence has been consistently reflected in underlying inflation dynamics," the ECB said. The main refinancing rate, which determines the cost of credit in the economy, remained unchanged at 0.00% while the rate on the marginal lending facility -- the emergency overnight borrowing rate for banks -- remains at 0.25%.This is a negative signal for the Euro! The United States has offered to cut existing tariffs on Chinese goods by as much as 50% and suspend new tariffs expected to go into effect Sunday in an attempt to secure a "Phase One" trade deal. This factor will force investors to increase short positions on precious metals, which will negatively affect the value of Euro.
Trading recommendation: Sell 1.1185 and take profit 1.1115.
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