EUR/USD watching and waiting

The headline here suggests the EUR/USD is in wait and see mode and to be honest it feels like that on so many days, but of course today is slightly different. We already touched on the prospect of the ECB policy meeting and how that might impact the EUR/GBP, but the potential impact on the EUR/USD is for many traders probably more pertinent. 

So, as you know, the EUR/USD matched exactly the October 14 low yesterday and bounced from 1.1113 again. We reported the high of the session following the Fed policy decision, which left rates on hold and did not really deliver any kind of hawkish rhetoric from the Fed boss afterwards. So, the EUR/USD rose to 1.1169. It later closed in the US at 1.1154

There is a prospect of the EUR/USD forming a double bottom on the daily charts at 1.1113, but in order to confirm that it will need to rise back above 1.1269 and that looks a rather distant prospect right now this morning. We also note, as we did again yesterday, that the 200 week moving average is still in place at 1.1108 and still guarding the downside. That said, a break below that level might write another story. So, the ECB has it within its gift to determine which side cracks today, if indeed anything does. There will be more to add folks. The range seen so far has been covered by 1.1131 and 1.1161. The EUR/USD is right now at 1.1137