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EURUSD: Inside day ahead of ECB Monetary policy

The EURUSD had a narrow range day and is likely sidelined waiting for today’s European Central Bank (ECB) interest rate decision and monetary policy statement and press conference.

Today on the economic calendar we have from the euro zone the interest rate decision and monetary policy statement and press conference. The interest rate is expected to stay unchanged at 0.05% and ECB may loosen even more the monetary policy.

EURUSD is holding at 1.2570 Year low and made an inside day and closed below the 10 day moving average without any sign of the bulls around the corner. Stochastic in showing an oversold market but even with the pair well into oversold territory, we should not fight the strong downward trend.

Expecting upward move to 1.2868 on a break above the previous day high at 1.2639 (scenario 1) or a break below the previous day low could push the pair to a daily support at 1.2389 (scenario 2).