Despite being in earning’s season in both Europe and the United States, during today's trading session, investors will focus on the European Central Bank meeting.

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Although no big surprises are expected or changes in current monetary policy or in interest rates, the main attention is Christine Lagarde’s press conference, where some clues about future possible reductions of the stimulus or bond purchase program for the second half of this year may be revealed, as the Central Bank of Canada has already communicated yesterday.

Any decision or comment made today by the ECB may have an impact on the euro (FXE), so we must be very attentive to the reaction of the markets. In recent sessions, we have been seen how the EURUSD has slightly slowed its upward trend, trading practically flat while waiting for this meeting.

If we look at the daily chart, we can see that the price has rebounded strongly after facing its uptrend line after the sharp declines that began after marking annual highs in January. This rebound has led it to rise again to its 18-session black average and to trade above 1.20, these being its main support levels. 

If the price manages to maintain these levels, we could find a new upward momentum until we are faced with a medium-term downtrend, the breakdown of this level being the definitive confirmation of the change in trend.

Source: EURUSD daily chart from Admiral Markets MetaTrader 5 platform from January 14, 2020, to April 22, 2021. Taken on April 22 at 11:15 CEST. Note: Past performance is not a reliable indicator of future results, or future performance.

Price evolution of the last 5 years:

• 2020 = + 8.93%
• 2019 = -2.21%
• 2018 = -4.47%
• 2017 = + 14.09%
• 2016 = -3.21%