The most anticipated event of the week, The ECB Press Conference, has completely with a bearish impact. The outcome was mostly expected in the market as retail traders and bankers alike were positioned on the short side.

There are however some currencies at the moment, which I believe to be weaker then the Euro. The scandies for one (NOK & SEK) but also the JPY which has been in focus as of late.

I have decided to take a long position to try and take advantage of the price differential caused by today's press conference. Although, fundamentally I feel wrong about taking any kind of long position in the Euro, I like the risk to reward from current levels with a tight stop.

The chart below shows the entry with a roughly 25 pip stop. First target is the highs for 100 pips, second is open.

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