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EURUSD Range Break Unlikely, ECB's Draghi to Reiterate Policy Stance

EURUSD Range Break Unlikely, ECB's Draghi to Reiterate Policy Stance

2019-01-28 09:00:00
Justin McQueen, Analyst
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EURUSD Analysis and Talking Points

  • EUR Garners Support from PBoC Action
  • ECB’s Draghi Unlikely to Unveil New Policy Signals

DailyFX Q1 2019 Trading Forecasts for EURUSD

EUR Garners Support from PBoC Action

The Euro continues to hover around the 1.14 handle with little sign suggesting that the Euro will be on course to break its 1.13-1.15 range in the short term. Overnight, the PBoC set its Yuan midpoint rate at the strongest level since July. Consequently, providing a firmer footing for the Euro vs. the greenback. Today is likely to see the Euro somewhat rangebound with sizeable FX option expiries set to magnetise price action. Of note, 1.5bln worth of vanilla options are set at 1.1350, while 1.4bln sit around 1.1400-15.

ECB’s Draghi Unlikely to Unveil New Policy Signals

On the economic schedule, ECB President Draghi is due to speak at 1400GMT. However, after last week’s post rate decision press conference, it is unlikely that the ECB Head will provide new policy signals, thus keeping EUR/USD price action on the lighter side.

EURUSD Price Chart: Daily Time Frame (Aug 2018 – Jan 2019)

EURUSD Range Break Unlikely, ECB's Draghi to Reiterate Policy Stance

EUR TRADING RESOURCES:

--- Written by Justin McQueen, Market Analyst

To contact Justin, email him at Justin.mcqueen@ig.com

Follow Justin on Twitter @JMcQueenFX

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