Euro Trade Setups Ahead Of ECB Decision EUR/USD, EUR/GBP And EUR/JPY

Date

3/2/2024 4:21:22 AM

(MENAFN- DailyFX) tups Ahead of ECB Decision – EUR/USD, EUR/GBP and EUR/JPY Skip to Conten

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here , or by following the LINK at the bottom of any page on our site. See our updated Privacy Policy here .

Search Search results No entries matching your query were found.

English
日本語

- Market Overview
- Real-time News
- Economic Calendar
- Market Themes
- EUR/USD News
- Gold News
- Oil - US Crude News
Recent Market News Headlines
Mar 1, 2024 USD/JPY Recovers on Ueda's Dovish Remarks, Critical Tech Levels Ahead Mar 1, 2024 Euro (EUR) Price Latest – EU Core Inflation Remains Sticky, EUR/USD Testing 1.0800 Again Mar 1, 2024 Japanese Yen Outlook: Yen Appeal Proves Short-lived, Wage Data in Focus
Free Guide

Introduction to Forex News Trading
- Technical Analysis
- Analyst Picks
- Forecasts
- Market Outlook
- DailyFX TV
Recent Trading Strategies Headlines
Mar 2, 2024 Euro Trade Setups Ahead of ECB Decision – EUR/USD, EUR/GBP and EUR/JPY Mar 1, 2024 British Pound Weekly Forecast: Sterling Becalmed As Spring Budget Looms Mar 1, 2024 ECB Kickstarts Central Bank Meetings for March, NFP up Next
Free Guide

The Fundamentals of Range Trading
- EUR/USD
- GBP/USD
- AUD/USD
- USD/JPY
- All currencies
- Major currency pairs
Recent Currencies Headlines
Mar 2, 2024 Euro Trade Setups Ahead of ECB Decision – EUR/USD, EUR/GBP and EUR/JPY Mar 1, 2024 British Pound Weekly Forecast: Sterling Becalmed As Spring Budget Looms Mar 1, 2024 USD/JPY Recovers on Ueda's Dovish Remarks, Critical Tech Levels Ahead Mar 1, 2024 Euro (EUR) Price Latest – EU Core Inflation Remains Sticky, EUR/USD Testing 1.0800 Again
- Oil - US Crude
- Gold
- Silver
- Natural Gas
- All commodities
- Major commodities
Recent Commodities Headlines
Mar 1, 2024 Gold IG Client Sentiment: Our data shows traders are now net-short Gold for the first time since Dec 04, 2023 when Gold traded near 2,033.92. Mar 1, 2024 Gold Price Outlook: Fundamentals & Technicals at Odds, What Now for XAU/USD? Feb 29, 2024 Gold Prices Rise As PCE Data Show Inflation Decelerating As Hoped Feb 28, 2024 Markets on Edge Before US PCE Data; Outlook – Gold, EUR/USD, USD/JPY, GBP/USD
- Wall Street
- US 500
- US Tech 100
- FTSE 100
- All stocks
- Major stock indices
Recent Stocks Headlines
Mar 1, 2024 FTSE 100 Plays Catch Up as DAX 40 and Nasdaq 100 Make New Record Highs Mar 1, 2024 Gold Price Outlook: Fundamentals & Technicals at Odds, What Now for XAU/USD? Feb 29, 2024 Dow and Nasdaq 100 Ease Back While Hang Seng Bounce Hits a Wall Feb 28, 2024 Markets on Edge Before US PCE Data; Outlook – Gold, EUR/USD, USD/JPY, GBP/USD
- Bitcoin
- Ethereum
- Litecoin
- All cryptocurrencies
- Major cryptocurrencies
Recent Cryptocurrencies Headlines
Feb 27, 2024 Bitcoin (BTC/USD) Hits $57k, Ethereum (ETH/USD) Touches $3,275 as Buyers Dominate the Market Feb 26, 2024 Ethereum Spot ETF – The Next Cab Off the Rank? Feb 15, 2024 Bitcoin (BTC/USD) Continues to Post Fresh Multi-Month Highs, Ethereum (ETH/USD) Eyes $3k Feb 14, 2024 The Next Bitcoin Halving Event – What Does it Mean?
- Rates
- Earnings Calendar
- Sentiment
- DNA FX
- Economic Calendar
- Live Chart
- Support & Resistance
- View All Tools
Free Guide

How to Use IG Client Sentiment in Your Trading

Trading Tools

Rates

Live forex rates at a glance

Earnings Calendar

Keep track of companies that are about to announce their earnings

Sentiment

Discover who is going long and short

DNA FX

Check what kind of trader you are

Economic Calendar

Explore key global events on the horizon

Live Chart

Latest price data across forex and major assets

Support & Resistance

View S&R levels for forex, commodities and indices

View All Tools
Economic Calendar
23:50:00 Medium Capital Spending YoY (Q4) Actual Forecast Previous Revised 3.4%
00:30:00 Medium Building Permits MoM Prel (Jan) Actual Forecast 4% Previous Revised -9.5%

00:30:00 Medium S&P Global Manufacturing PMI (Feb) Actual Forecast Previous Revised 51.2

07:30:00 Medium Inflation Rate YoY (Feb) Actual Forecast 1.1% Previous Revised 1.3%

Economic Calendar
Earnings Calendar
Central Bank Calendar

FOMC
ECB
BOE
BOC
Free Trading Guides

Forex for Beginners

Traits of Successful Traders

Cryptocurrency Trading
View All
Free Trading Guides
- Trading Courses
  - Forex Trading Basics
  - Understanding the Stock Market
  - Commodities Trading
  - Forex for Beginners
- Free Trading Guides
- Live Webinars
- Trading Research
- Company
- Authors
- Contact
- English
- 日本語
Select Live Webinar Events 0 Economic Calendar Events 0
Notify me about

H
High
M
Medium
L
Low
Host: Duration: min 09:18:54 widgets/economicCalendar._abbr () Actual Forecast Previous Revised EUR/USD Mixed
15h Last updated: Mar 1, 2024
Long Short
Note: Low and High figures are for the trading day.
Data provided by News Euro (EUR) Price Latest – EU Core Inflation Remains Sticky, EUR/USD Testing 1.0800 Again 2024-03-01 10:55:17 EUR/USD Rests Upon Long-Term Trend Filter Ahead of Key Inflation Data 2024-02-29 10:50:35 Oil - US Crude Bullish

15h Last updated: Mar 1, 2024

Long Short
Note: Low and High figures are for the trading day.
Data provided by News Crude Oil Prices Slip Back Despite Red-Sea Supply Worries 2024-02-27 14:41:18 Oil Price Outlook: Brent Crude, WTI Ease after Decent Recovery 2024-02-20 16:45:20 Wall Street Mixed

15h Last updated: Mar 1, 2024

Long Short
Note: Low and High figures are for the trading day.
Data provided by News Dow and Nasdaq 100 Ease Back While Hang Seng Bounce Hits a Wall 2024-02-29 12:30:00 Dow and Nasdaq 100 Still Close to Highs, and Hang Seng Continues to Rally 2024-02-27 11:00:01 Gold Bullish

15h Last updated: Mar 1, 2024

Long Short
Note: Low and High figures are for the trading day.
Data provided by News Gold IG Client Sentiment: Our data shows traders are now net-short Gold for the first time since Dec 04, 2023 when Gold traded near 2,033.92. 2024-03-01 13:23:32 Gold Price Outlook: Fundamentals & Technicals at Odds, What Now for XAU/USD? 2024-03-01 00:30:00 GBP/USD Mixed

15h Last updated: Mar 1, 2024

Long Short
Note: Low and High figures are for the trading day.
Data provided by News Markets on Edge Before US PCE Data; Outlook – Gold, EUR/USD, USD/JPY, GBP/USD 2024-02-28 23:35:00 British Pound Technical Analysis & Trade Setups: GBP/USD, EUR/GBP, GBP/JPY 2024-02-28 17:30:00 USD/JPY Bullish

15h Last updated: Mar 1, 2024

Long Short
Note: Low and High figures are for the trading day.
Data provided by News USD/JPY Recovers on Ueda's Dovish Remarks, Critical Tech Levels Ahead 2024-03-01 16:10:00 Japanese Yen Outlook: Yen Appeal Proves Short-lived, Wage Data in Focus 2024-03-01 09:11:15 More View More

I'm sure you've all heard about trend trading. Sharpen your knowledge here:
Earnings Monetary Policy Inflation More
Share:
What's on this page

EUR/USD, EUR/GBP, EUR/JPY Prices and Analysis
EUR/USD Daily Price Chart
EUR/GBP Daily Price Chart
EUR/JPY Daily Price Chart
EUR/USD, EUR/GBP, EUR/JPY Prices and Analysis

Will the ECB outline its interest rate cut timetable?
US NFPs set to give EUR/USD a volatility boost.

Download our complimentary Q1 Euro Technical and Fundamental Forecasts
Recommended by Nick Cawley Get Your Free EUR Forecast Get My Guide
The economic calendar has a handful of high-importance releases and events next week with the two standouts, the ECB policy meeting and US Nonfarm Payrolls likely to gather the most interest. The ECB will keep all policy settings unchanged but may hint when rate cuts are expected to start. Financial markets are pricing in the first 25 basis point ECB rate cut at the June meeting and it will be interesting to note if ECB President Lagarde, or any of the other ECB voting members, push back against this.
On Friday the latest US Jobs Report will be released with market forecast of +190k. Last month's report saw a blockbuster 353k new jobs announced and if history is any guide, last month's number is likely to be revised lower.

For all market-moving economic data and events, see the real-time DailyFX Economic Calendar
EUR/USD is currently trading around the 200-day simple moving average, and next week's releases and events are likely to help the pair make a more decisive move. Support for the pair is seen between 1.0787 to 1.0800 - this week's lows, the 20-day sma, and an old swing high – and if this breaks then the February 14th multi-month low at 1.0695 may come into play. A clean break above the 200-day sma will bring a cluster of recent highs, the 50-day sma, and the 23.6% Fibonacci retracement level all around the 1.0850/60 level back into focus.
EUR/USD Daily Price Chart
EUR/GBP has nudged higher all week and now changes hands around 0.8564 and back above the 20-day sma. This week's move higher has bought a cluster of recent highs – all the way up to 0.8578 and the 50-day sma at 0.8588 back into focus. Above here, the 200-day sma at 0.8610 and a cluster of early-mid January highs around 0.8620 should be noted.
EUR/GBP Daily Price Chart
Retail trader data shows 67.32% of traders are net-long with the ratio of traders long to short at 2.06 to 1.The number of traders net-long is 3.47% lower than yesterday and 18.20% lower than last week, while the number of traders net-short is 7.69% lower than yesterday and 16.76% higher than last week.
We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests EUR/GBP prices may continue to fall. Positioning is more net-long than yesterday but less net-long from last week. The combination of current sentiment and recent changes gives us a further mixed EUR/GBP trading bias.
See how retail trade data affects a wide range of tradeable assets.
EUR/GBP Bullish Data provided by

of clients are net long. of clients are net short.

Change in	Longs	Shorts	OI
Daily	-8%	0%	-5%
Weekly	-19%	27%	-8%

What does it mean for price action? Get My Guide

The Japanese Yen remains under the influence of the Bank of Japan and the Ministry of Finance for now as traders monitor language from the two official institutions. In contrast to the ECB, traders are looking for any hints as to when the Bank of Japan will begin to raise rates after keeping them at ultra-low levels for years.

Japanese Yen Grabs a Bid, Emboldened by Bank of Japan Talk

EUR/JPY will also be under the Euro's influence next week and the outlook looks choppy for the pair. The recent run higher from the February 7th low looks broken and the 20-day sma at 161.70 looks vulnerable. Below here, the 161 zone comes into focus ahead of the 50-day sma and big support around 160.00. The February 26th high at 163.72 should cap any break higher.

EUR/JPY Daily Price Chart

All Charts via TradingView

What is your view on the EURO – bullish or bearish?? You can let us know via the form at the end of this piece or you can contact the author via Twitter @nickcawley1 .

MENAFN02032024000076011015ID1107925314

Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.