After The ECB

Last week we had one of those important ECB announcements. Let's go over what happened to all the relevant instruments this week. The market has been very interesting. [EURUSD, EURJPY, EURGBP, EURAUD, EURCAD]
EURUSD: Highlighted in blue we can see the movement of this pair throughout this entire week (Beginning 10/5) Its clear that this pair has bounced off the weekly 76.4% Fibonacci Retracement level and got back up to its 61.8% where it was rejected...so far. On the 240min chart we can see that the price has back to its most immediate support level at 1.26650. I see this pair moving higher prior to the FOMC announcements.

EURCAD: Has taken a similar route. On the 60min chart below we can see that this pair has journeyed above 1.41245 which actually has been great support for yesterday's trading and today's as well. I would treat this pair just as I would its big cousin EURUSD. Buy at support levels until FOMC announcement get nearer. 

EURGBP: Has elevated itself from its lows and is now above the pivotal .78277 level where it found support. Monday the price bounced off this price and found its way up to make new 2 weeks high around .79000. I would consider this a cautious buy because generally speaking this pair is a seller. but for now look for bouncing opportunities. On the 60min chart below highlighted in blue we can see this uptrend and the dynamics of how .78277 has been traded around, below and over. 

EURAUD: There was no point in highlighting this pair's weekly route because its in an obvious range. Yesterday gave us some hope of a breakout but it was rejected so harshly that I could hear the retail traders cries from New York to Australia. From a range low of 1.43440 to the range's high of 1.44500 there has been quite a bit on congestion. In my opinion I don't think this pair is worth trying to trade at this point. I would wait for the pair to clear 1.44500 before I reach in for a buy. 

Last but not least...

EURJPY: Also in a range but Japanese Traders are known to be a bit more methodical with they way they go about achieving prices. On Tuesday (10/6) we saw this pair reach its lowest of lows and the very next day (10/7) it reached a weekly high at 137.938. Today we saw the price collapse back down to the lows around the 136.500 level. From here I see more congestion but not before we get a chance to buy. I would be looking to buy this pair at 136.000 because Japanese Traders love their price targets and they don't like to waste time getting there. If this pair isn't reaching for new heights it's most likely looking for a particular low. Save yourself 50pips and a day of stress and wait for them to send the price to 136.000 tonight.