02/03/10 10:14 am - EUR/USD Presents Scalping Opportunity Ahead Of ECB Decision

The EUR/USD has come under pressure as a better than expected ADP report has fueled dollar support, making the pair a risky target for scalpers. However, historically ahead of the ECB rate decision price action becomes condensed creating an ideal environment for high frequency trading. Therefore, with tomorrow’s event risk looming traders should wait for current volatility to subside and look for the desired price action. Additionally, downside risks may be limited as the pair is trading in an area of former congestion with Fibo support just below.

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