Draghi did not deliver QE. Not now. After reasserting his leadership in November, it seemed that he approached a wait and see mode as the Germans gave a big fight this time. EUR/USD is rising, up 2 trading range and challenging a third one at 1.2440. Does this mean we’ll see an ongoing Christmas rally for the pair? Or is the party to early? We’ll opt for the latter option, and here are 5 reasons, takeaways from the big ECB event: ECB not doing its jobs according to its own measures: Inflation forecasts have been cut to 0.7% in 2015 and 1.3% in 2016. These are not only significant downgrades but it also means the ECB will continue failing on its mission for another 2 years. And it could get worse: Inflation forecasts don’t include the most recent slide in oil prices: this could be enough on its own to trigger another downgrade and imminent action. Preparations are accelerating: Draghi said in the statement and discussed the topic over and over again during the press conference. This is a big change from the taboo nature the mere mention of QE had not too long ago. Unanimity not needed for QE decision: This is a statement that Draghi repeated. This seems to be partially true. But more weak data would loosen German opposition. No legal hurdles for the ECB: The firm statement, defying the German professors who challenged the ECB in Germany’s constitutional court ended with Draghi’s last word: “not pursuing our mandate would be illegal”. What do you think? More: EUR/USD: N/T Wedge & L/T Trend Support Align – Nomura. And here is the chart with the lines at 1.2360, 1.24 and 1.2440 which is fought upon at the time of writing: Yohay Elam Yohay Elam Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts. Yohay's Google Profile View All Post By Yohay Elam Opinions share Read Next USD/JPY Maintains Its Bullishness FX Tech Strategy 7 years Draghi did not deliver QE. Not now. After reasserting his leadership in November, it seemed that he approached a wait and see mode as the Germans gave a big fight this time. EUR/USD is rising, up 2 trading range and challenging a third one at 1.2440. Does this mean we'll see an ongoing Christmas rally for the pair? Or is the party to early? We'll opt for the latter option, and here are 5 reasons, takeaways from the big ECB event: ECB not doing its jobs according to its own measures: Inflation forecasts have been cut to 0.7% in 2015… Top Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
