Ian Coleman is taking a fairly cautious approach to trading EURUSD on ECB decision day. He's looking at buying a dip at 1.3900 or a break of 1.3938, both with a 25 pip stop.

Ian says the USD Index has seen mixed intraday trading, "the end result was mild net gains for the USD Index yesterday with all price action confined to the lower half of Tuesday’s bearish range. Mild gains have been sold into overnight at bespoke resistance of 79.30. The bias is mixed to mildly bearish going today."

Outlining his strategy for EURUSD, he says: "The morning dip was bought into but the subsequent rally was also sold yesterday resulting in mild net losses by the close. There has been little net movement overnight as we continue to consolidate in the upper half of Tuesday’s bullish range (Marabuzo level 1.3900). Further support is seen at 1.3905 (was resistance from 11th April) and the pair looks to be holding within a corrective channel formation. This has resulted in the bias being mildly bullish going into this morning. We look to Buy a dip at 1.3900 or a break of 1.3938 (25 pip stop). Buying a dip and we look to 1.3935, 1.3965 and 1.4000. Buying a break and the last 2 targets come into play. Support levels: 1.3905-1.3900, 1.3883 and 1.3861".