Range-Bound for the EURUSD and the ECB Rate Decision on Thursday

The EURUSD has been stuck in a narrow trading range and awaiting the rate decision from the ECB on Thursday.

The EURUSD drifted between 1.1654 and 1.1715.  It continued to meet some selling pressure when it was near the 1.1715 level.  Traders are waiting for the ECB’s decision and the U.S. GDP data later this week.

The EURUSD enjoyed some upticks last Friday and on Monday because Trump expressed his displeasure with the Fed’s monetary policy.  The EURUSD was boosted from 1.16 to 1.17 because of his verbal intervention.

While we still have very strong economic data from the U.S., which will continue to keep any euro’s advance against the U.S. dollar fairly limited.  Should the ECB change its stance on the monetary policies on Thursday, the U.S. dollar could continue to be well bid.

There has been 1 trade from my MT4 EA since the last update.   It was a loss.

The strategy can be found here.

The previous week’s result can be found here.


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