Here’s a chart simply highlighting the ECB meeting days on a EURUSD chart. Note that at least three of the six meeting thus far this year have been critical for establishing the direction for EURUSD for the immediate future, particularly the January, February and April meetings, but also the one in June and the one in May to a lesser degree. Only the March meeting saw a sharp reaction on the day itself that quickly faded. So traders should be ready to take their cue from this Thursday’s meeting, which will likely either seal the deal on the reversal back through 1.3200 with a break of 1.3000 or offer a sign of a strong support. I lean toward the former, but a very passive ECB surprise (similar to the June meeting) is a non-trivial risk.
SAXO BANK