EUR/USD dipped down to test the European low of 1.3912 but held the line and has bounced back to 1.3919.

After all the excitement on Tuesday, today’s range has been just 27 pips, most due to anticipation (and reluctance to trade) ahead of the ECB meeting on Thursday.

On the downside, medium-sized bids appear at 1.3900 with sell stops below 1.3890 followed by anticipated bids in the 1.3880-60 zone.

Sellers are at the May 6 high of 1.3952 with buy stops on a break. More offers at 1.3960 but stronger sellers at 1.3967. Heavy offers and barriers continue from 1.3975 to 1.4000.