 Good morning ladies and gentlemen and welcome to your daily news update from the Frankfurt Office of CMC Markets. The ECB meeting is coming up on Thursday and the market is already expecting that the ECB and Mario Draghi will actually continue the running QE programs. They will increase the duration by six months. Anything else, any hint in regarding tapering would be bad for the markets because the euro zone is supposed to or is at least not really ready for any normalization in monetary policy that is in stark contrast to the United States, where the inflation targets are actually reached or even surpassed, where the jobless rate has decreased to 4.6%. So the targets of the Federal Reserve are reached, the Federal Reserve will high grades, that is what the markets will expect and it might be a risk for the markets that Mario Draghi tries to get into the footsteps of the Federal Reserve and also tries to normalize monetary policy. That would be a risk because the euro zone is still dependent on the ECB QE program. So markets expect six more months of QE and that is something that might also decrease the value of the euro dollars. So if you look at euro dollar in the weekly chart, then we've got the situation that we've got a support at 104.60 that has been tested with a bullish engulfing pattern and now we've got that doji candle and that doji could bring us one to four positive candles but we've got the ECB this week. So this candle here for the current week, it looks positive but will it continue to look positive at the end of the week? I don't know, if Mario Draghi says okay we will continue to buy government bonds for at least six more months after March 2017, this would mean that they will buy even or almost up until the end of the year and at the same time the Federal Reserve will normalize monetary policy. Then there is a delta between those two and this delta could actually lead to a further depreciation of the euro dollars. Any weekly close below 104.63 in the euro dollar could bring us the parity to the US dollar. So very important, very important ECB meeting that is one potentially more important date in your calendar than the Italy referendum. So watch out for thirsty, watch out for any movement in euro stocks because if the euro dollar goes south from here that would be very positive for the dex and for euro area equities.