Ryan has pretty much covered the angles on ECB expectations/predicaments and I share his views/observations. The ECB are between a rock and a hard place and their wait n see approach is dangerous not to mention their slow moving processes. June’s action may be having some impact as they claim but it’s not providing any decent data reads

Draghi is a master of the press conference plays and I fully expect him to be in good form today as ever but he’s been, dare I say, a little more honest of late so we can expect some scraps at least from the table for some sort of feeding frenzy

I’m not expecting big fireworks though but we must remain on guard as ever

Levels I’ll be looking at are:

EURUSD 1.3300-25 to buy. 1.3400-25 to sell. tightish stops depending on violatility of moves

GBPUSD 1.6800-10 to buy/take profit with a break to trigger stops down to 1.6785 and ultimate test of 1.6730-50. Offers into 1.6890-6900 with stops above. May be offer into 16875 if there isn’t too much momentum

EURGBP looking to buy into 0.7900 then 0.7875. sell into 0.7985-8000

USDJPY sell into rallies from 102.75 to 103.00. buying dips to 101.50-80

EURJPY will probably be driver of USDJPY so will be keeping an eye on breaks of 136.00 and 138.00 otherwise just keep jobbing recent ranges

Whatever the outcome remember, ours is not to reason why, ours is just to sell and buy!

And hey, let’s be careful out there