All Forex Brokers and Liquidity Providers Nervous Ahead Of ECB
There is a major risk event lined up today, as the ECB Interest Rate Decision will be announced by the European Central Bank. The central bank is expected to introduce quantitative easing. The market is very nervous especially after what the Swiss National Bank did recently.
Investors are expecting something big and lining up for the same. Many Forex brokers and liquidity providers are also preparing for this event. After the SNB event many Brokers and Liquidity Provides were in trouble and suffered heavy losses. Some brokers even closed for operations and others managed to get a loan.
ECB is also likely to come up with something big, which might come as a shock to the market. Having said its all predictions and it can even turn out to be a non event. Let us wait and see how the event shapes up and affects the market and especially the Euro.Technicals
EURUSD is trading around 1.1600 with immediate support around 1.1520-00. A break below might call for sharp losses in the near term. On the upside, a move above 1.1650 is needed for more gains moving ahead.