ECB conclusion: Buy EURUSD to test ECB non-commitment.

ECB press conference

NET CONCLUSION: Be long EURUSD to test ECB. 1.3620 stop below 1.3520 (on close)

None event from Draghi - subdued inflation and "forward guidance is working" is headlines. Well considering they have 2% inflation target and 0.9% realised inflation I find it hard to think/believe they have anything under control.

This is a "talk to the market" press conference. See me, Draghi, I am, we are credible, but....market immediately test him with much higher EURUSD . 

Now the game is probably to be long EURUSD untill we/they force ECB to cave in and move to next thing. Next thing? I don't know but increasingly I have the idea that more fiscal expansion under the excuse of inequilty and deflation is the response.

 

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