EUR/USD trades in narrow range, market awaits ECB meeting for further direction

EUR/USD is trading in very narrow range between 1.0800-1.1000 for the past 10 trading session. Market awaits ECB first policy meeting of this year 2016 for further direction.

• The ECB is expected to keep the policy measures unchanged at this meeting. The market expects ECB to maintains its interest rates at 0.05%, the deposit rate facility at -0.30% and marginal lending  rate at 0.30%.
   
• The central bank will also keep the asset purchase program unchanged at €60bn a month until 2017.
   
• ECB will likely to refrain from adding more easing this week but President Mario Draghi press conference which is to be held after policy announcement will be watched closely for further easing in the future.
   
• Technically the pair is facing strong resistance around 1.1000 and break above will take the pair to next level 1.1060/1.1100 level.
   
• On the downside support is around 1.0800 and break below targets 1.0710/1.06700 level.
  
  It is good to buy at dips around 1.0850 with SL around 1.07980 for the TP of 1.0975/1.1000.