Hinge Upon Trichet’s Comments

Euro's fate is in the hand of the ECB President, Jeanne Claude-Trichet who will speak at the press conference right after the interest rate announcement at 8.30 pm. Nothing to be excited about because the market has fully expected 25bp rate hike, as a matter of fact, if Trichet fails to deliver a hawkish stance, I expect for our beloved euro to slip to its immediate support. A hike itself from the ECB would likely have little effect on the euro since the market is already positioned for such a lift.

Pivot Points:

R3 = 1.3614

R2 = 1.3583

R1 = 1.3550

PP = 1.3519

S1 = 1.3486

S2 = 1.3455

S3 = 1.3422

Trading ideas : Buy 1.3470, 1.3485, 1.3500, sell 1.3555, 1.3585