EURUSD ECB Signal Strategy: The 30min Challenge

The market was largely affected by Italy's proposed budget for 2019 although little activity was noted in EURUSD. Italy has decided not to alter its budget in its reply to the EU, however, in an event further selling in global indices take place Italy will be forced to modify the budget.

EURUSD reached its resistance in the 30min chart. A firm break above (preferrably a 30min close) may pave the way for stronger gains. Likewise, a bearish breakout below the support may suggest further weakness is in store.

This is a classic breakout strategy ahead of the ECB monetary policy press conference.