EUR/USD still bounded between 1.13 and 1.14

Before the European Central Bank meets in Malta on Thursday, the EUR/USD cross decided to stay on hold during the previous 24 hours. The near term development is fully dependent on the ECB's decision today. In case more QE is signaled, we will expect the Euro to drop below 1.13, potentially targeting the demand area at 1.1240. Otherwise, more hawkish language may push EUR/USD upwards throughout the trading session, while bears are aiming at regaining the 1.14 mark back.

The share of SWFX bullish open positions is unchanged at 45%. Meanwhile, percentage of pending orders to buy the Euro against the US Dollar in 100-pip range from the spot grew further from 55% to 56%.