EUR/USD: "Some profit taking possible into ECB but dips likely to be shallow"

Thoughts on the euro heading into the European Central Bank meeting from Barclays Capital Research

"We expect no change in policy and look for President Draghi to deliver a balanced message which does not dismiss discussions around forward guidance changes in the coming months but still reinforces the broadly very accommodative outlook and curbs unwanted EUR strength.

In that respect, we expect some profit taking of long EURUSD positioning ahead of the meeting. Nonetheless, we expect dips to be shallow, consistent with our view of broadly range-bound EURUSD centred on current levels," Barclays argues

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