EUR/USD stuck around 1.0980 ahead of ECB

The shared currency is alternating gains with losses during the second half of the week, with EUR/USD keeping the tight range around 1.0980.

EUR/USD now looks to ECB

The pair is struggling to gather traction in any direction so far today, as the cautious tone is growing bigger among traders in light of the upcoming ECB rate decision.

Market consensus expects the central bank to refrain from announcing any changes to its current monetary stance, although President M.Draghi is expected to deliver a dovish tone at his press conference.

Later in the NA session, Initial Claims are due followed by the Philly Fed manufacturing survey, Existing Home Sales and the speech by NY Fed W.Dudley (permanent voter, neutral).

EUR/USD levels to watch

The pair is now gaining 0.03% at 1.0977 facing the next hurdle at 1.1002 (7-month resistance line) followed by 1.1029 (high Oct.18) and then 1.1055 (4-month resistance line). On the other hand, a breakdown of 1.0950 (low Jul.27) would target 1.0909 (low Jun.24) en route to 1.0820 (low Mar.10).