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[QUOTE="Stan NordFX, post: 63264, member: 23437"] [CENTER][SIZE=5][B]Forex and Cryptocurrency Forecast for December 14 - 18, 2020[/B][/SIZE][/CENTER] [B]First, a review of last week’s events:[/B] - EUR/USD. As expected, the European Central Bank left its interest rate unchanged, at the same level of 0%. The euro had a chance to somewhat weaken its position against the dollar. However, it missed it due to the ECB's decision to ramp up the volume of the Pandemic Emergency Purchase Programme (PEPP) by another €500bn and a subsequent comment from the head of that bank Christine Lagarde. Actually, there was nothing unexpected in this decision, we predicted such an outcome a week ago. In addition, it definitely fell into the middle of the market participants' forecast of €400-600 billion. But it was precisely this predictability that prevented the EUR/USD pair from turning south. The hawkish sentiment of Christine Lagarde's statements also supported the European currency. It appears she tried to lower the euro rate by announcing that the ECB is closely monitoring the euro. However, the decision of the regulator not to interfere in the affairs of the foreign exchange markets influenced investors much more than a simple statement about “monitoring the exchange rate”. And the unexpectedly hawkish remark of Ms. Lagarde that if the situation with the Eurozone economy improves enough, it may not be necessary to use all these €500 billion, put the final end to the efforts of the bears to move the pair south. As a result, having dropped to the level of 1.2060, the pair rushed to the north again, rising to the height of 1.2165, and completed the five-day period in the middle of this range, in the 1.2113 zone, practically in the same place where it started on Monday; [/QUOTE]
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