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What is the next move of the ECB? The QE program is set to end in December and many expect the central bank to begin reducing its bond buys from early 2018. The Bank currently creates 60 billion euros every month.

A new report suggests that ECB President Mario Draghi will keep us in the dark. They will probably take their sweet time and not make any announcement in their next big meeting in September. They have another meeting in October but could wait until the last meeting of the year in December.

A decision at the last moment could keep markets on edge and could raise suspicion that the program could continue in its current form for a longer period of time.

In this case, the euro could come under pressure.

The German elections may also be playing a role. The ECB may prefer not to play a part in the election campaigns and keep the cards close to the chest until after the vote.

In any case, higher uncertainty could lead to higher volatility, something that is still missing on most days of EUR/USD trading.

More:  EUR/USD: Staying Tactically Short on perfect USD liquidity storm – Danske