EUR/USD – Choppy price action persists pre-ECB

  • Usually, price action tends to calm down about 24-36 hours ahead of the ECB meeting, but not this time
  • Markets are everything, but not calm
  • EUR/USD hits a low of 1.1122 on EBS in early EU trade, liquidity remains poor
  • Some said EUR rally driven by upbeat EU data and optimism about a possible Greek deal – but more likely position covering and poor liquidity is the case
  • Not expecting much from the ECB either today – rates to remain unchanged and not much new from Draghi
  • 1.1080 and 1.12 remain the levels to watch intraday

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