After taking out year's high and trading to the highest level since 2010 last week, the pair pulled back. It traded sideways since the beginning of the week but sold off sharply following the end of yesterday's European session.

There was likely some position squaring ahead of today's ECB meeting involved. Macro direction is still to the upside. Shorter term one will depend on the ECB today and the Fed in two weeks but there's always the SNB to support it. If the pullback continues, parity is the level to watch as it coincides with the 38.2% retracement of the last upswing.

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