The EUR/USD has been ranging ahead of the ECB Interest rate decision and press conference starting at 11:45 GMT. Due to the importance of this event for European monetary policy, the pair is unlikely to move significantly until its occurrence. Note that traders are hoping for the Mario Draghi to announce some form of stimulus to help the Eurozone economy. Should this happen, the EUR/USD may fluctuate substantially. Look for support at 1.3109 and resistance at 1.3159.
USD/JPY
The USD/JPY is ranging this morning ahead of US data coming out alter today. At 12:30 GMT, Initial Jobless Claims and Trade Balance reports will be published, while at 14:00 GMT the ISM Non-manufacturing PMI will come out. In addition, the US NFP report will be released tomorrow – an event that always causes substantial movement on the dollar. Until some of this information makes its way to the market, the pair may hold steady. However, more bullish data could help the pair continue its long term climb. Look for support at 104.72 and resistance at 105.29.
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