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EUR/USD binary signal - ECB Monetary policy meeting - 24 May 2018

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Expiry Time: 
21:00 GMT
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The European Central bank will be releasing the monetary policy meeting minutes from its meeting that was held earlier in May. The report will be released around 11:30 GMT. The ECB had left interest rates unchanged at its last meeting including keeping its QE purchases intact.

The ECB's meeting minutes come at a time when the economic situation in the Eurozone showed that growth was cooling in the first quarter. The Eurozone economy was seen posting a 0.4% increase in the first quarter. This comes following a 0.7% increase in the previous quarter.

Eurozone's powerhouse, Germany was also seen posting a weak patch of economic data during the first quarter, contributing to the weaker pace of increase in the GDP.

Investors will be looking to the ECB's meeting minutes to ascertain the next policy move from the central bank. So far, officials have given mixed responses on the monetary policy. Some members favor the fact that the ECB should end its QE purchases when they expire end of this year.

However, with inflation slowing and more importantly, core inflation falling back below the 1.0% this seems doubtful. The next ECB monetary policy meeting will be held in June, which is when the central bank is expected to make some major announcements.

Today's binary trading signal is EURUSD, the currency pair was seen gradually drifting lower for yet another week as price action approached the 1.1700 handle. We expect to see a near term rebound in price action as the EURUSD approaches the key support level.

We would purchase daily CALL options at 1.1715 for a 21:00 GMT expiry time. We expect to see some recovery in the currency pair as EURUSD is expected to close higher on the day.

binary options signal eurusd 24 may 2018

Disclaimer: The article is written for informative purposes only and it is not financial advice. The author does not have any position in the currency pairs mentioned, and no plans to initiate a position. He wrote the article himself and expressed his own opinions. Readers should not treat any opinion expressed by the author as a specific inducement to make a particular trade or follow a particular strategy, but only as an expression of his opinion. All risks and coasts associated with online trading are your responsibility.