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EUR/USD slips slightly ahead of next week’s ECB decision

Scotiabank expects no ECB policy change, with EUR/USD watchpoints at the 1.1395 to 1.1405 support zone.

Reported · Written up by our desk · Major Pairs

EUR/USD is trading modestly lower in quiet conditions as investors look toward next week’s ECB meeting, according to FXStreet, citing analysis from Scotiabank’s Shaun Osborne and Eric Theoret.

The note points to a “quiet period” for ECB policymakers, with subdued implied volatility suggesting limited concern about major surprises from the decision.

Scotiabank said the euro’s mild short term uptrend remains intact, but losses through mid 1.14 support have dulled near term bullish momentum, raising the odds of a retest of the 1.1395 to 1.1405 area.

In the background, the outlet cited finalized Eurozone inflation and external balance data, including Eurozone CPI at minus 0.1% month over month in June and up 2.8% year over year, and a EUR25.1 billion current account surplus for May.

Latest closeEUR/USD 1.145 ▼0.2%

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