Good day forex traders.
It is the end of the month and i hope you had a green month.
After the previous comment by ECB’s Draghi, we were seeing bullish rallies caused by sentimental reactions. Speculations regarding support by the ECB increased fuelling risk appetite across most markets including the foreign currency exchange.
Source : ProRealTime
From a technical point of view, the currency pair is now ranging in a narrow environment.
With the ECB meeting due on August 2, many investors are speculating that more measures may be announced. This has caused the EUR/USD to drift towards the upside.
Having said so, with the meeting just around the corner we may see little developments with regards to the price range due to apprehension prior to the meeting.
The US ADP Non-Farm Employment Change is due tomorrow and hence caution should be taken.