EURUSD longs trim positions, prepare for ECB
Seems there is a cut back in EURUSD long positions as the market readies itself on speculation of an ECB rate cut today. The median forecast is for a 25 basis point rate cut.
There are buyers at 1.3200, which has held nicely over the last few days, and good sellers throughout the 1.3380-1.3450 zone.
The EURCHF buy orders at 1.5050 are still there and proved to have held tight, seeing a rally of that base. EURGBP sellers from yesterday are still at 8880, too far to have an impact. Bids still stand at 8780 on the day.
Seems emphasis is to sell the rally in EURUSD today. Look to play 1.3270-1.3350 with a shorting bias for now.