Short-term traders are nursing a long position in EUR/USD and are hoping they can make it through the ECB meeting tomorrow without getting stopped out.
Those with short pockets have stops below the 1.2220 level. Bids are seen in the 1.2170 level with more stops eyed below that level.
Wouldn’t it be cruel if Draghi fired off a nuclear weapon at tomorrow’s press conference and sends EUR/USD soaring.
It would not be the first time traders have been stopped out by noise ahead of the main event and get shaken out of what is ultimately the right position. And it won’t be the last.
Not a bad entry point down here if square to buy a little EUR/USD with a stop in the 1.2160s, just in case Draghi does the full Monti, so to speak.
