The Forex Marekt Awaits the ECB
The US dollar has rallied a bit, then consolidated, establishing value just below 102.86. We appear to be forming a bull flag pattern as the currency market awaits the ECB decision at 7:45AM EST. A rate hike or hawkish rhetoric could impact the DXY, taking us to lower levels at 101.70, 101.39, or 100.98, which we anticipate to hold as a floor price. If we are able to break out then 103.24 is the next target.
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