Trading plan on EUR/USD for January 23, 2020.

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Today, January 23, is the d-day for the euro, as decision on rates and ECB head Christine Laggarde's press conference will be tackled at today's ECB meeting.

At the moment, the ECB rate is 0%, while the deposit rate for banks is minus 0.4%. There is also an existing QE program of buying bonds from the market on the ECB's balance sheet to reduce rates on the market.

Key question: Will the ECB say something about changing the monetary policy?

Arguments for and against: On one hand, GDP growth in the Eurozone countries is generally very moderate. We must leave everything as it is.

On the other hand, many big experts have already said that an ultra-low rate and a negative deposit rate will no longer have any positive effect on the economy, but create significant risks in the event of a new crisis instead.

We will see the ECB's decision at 13:45 London time, and the ECB head's press conference at 14:30 London time.

EUR/USD: tight consolidation continues over the resistance zone of 1.1070 - 1.1080.

Be ready to sell euros from 1.1070.

Be ready to buy euros from 1.1120.

The material has been provided by InstaForex Company - www.instaforex.com