EUR/USD still holding well heading into press conference
Mario Draghi is sure to get a grilling from financial journalists on the Spanish situation as well as on his reasons for leaving rates on hold (no surprise), when the press conference starts in a few minutes. EUR/USD has worked through sell orders at 1.2950/55 but has stalled at 1.2970 so far.
I don’t have a strong bias on the EUR/USD but with the EUR crosses looking strong, I prefer the buy-dip strategy. I presume there will be stops immediately above 1.2975 and if they are triggered then I think we will need to raise our buy-dip levels. Barring that, stick to the tried and trusted 1.2870/1.2970 range.
Catch you tomorrow and be careful out there 🙂