The EUR/USD has been trading in a tight range since the beginning of the week as investors await the outcome of the Interest rate decision and Euro Central Bank press conference scheduled today. The pair made resistance at 1.35530 (the week’s highest) and support at 1.34761 (the week’s lowest) and has been trading in this tight range. This is a great sign that investors are applying caution as there’s a rumor that we might see a rate cut from 0.25bps to 0.15 or 0.10bps.
I recommend a buy trade if the reports causes price to break above the 1.35530 resistance clearly, which might cause further demand to 1.3639 resistance. On the other side, a break below the 1.34761 support would see further supply to 1.34023 support.