The pair continues to trade around the 100-day moving average
Price action has been a little subdued to start the day, and I expect things to continue in the same vein given the lack of economic data points today and the fact that we have the ECB meeting tomorrow.
EUR/USD is still trading above the 100-day MA (red line) at the moment, and continues to find buyers in the region of the confluence of support levels between the MA mentioned @ 1.2214 and the 8 February low of 1.2212.
As for today, there is a significant option expiry at the 1.2220 level which I expect to play a part in price action and also tomorrow there is a large one at the 1.2200 level. Price action should be sticky given the sizes and the timing of it all - with little catalyst of note on the day.
At this point, it seems that the market is waiting on the ECB for the next set of clues for the pair so let's see what they have to deliver tomorrow.
