ECB has just published account of October 25-26 monetary policy meeting, when the bank decided to extend in slower pace the QE programme until September 2018. Minutes did not surprise investors and EUR has held firm near a local resistance.

The ECB minutes revealed that some official worried that a setting a detailed data for the end of the QE programme may cause expectations for tightening in the euro area. Such situation is not welcomed by ECB so far as inflation measures still remain below the target. On the other hand, some members of the ECB argued that open-ended nature of QE could assure market participants that ultra-expansionary policy will be continued. In conclusion, the document did not provide any new information for investors. The ECB might consider ending of the QE programme but at the same time, it does not want to build market expectations for tightening.

 EUR little changed after the release of ECB minutes. Nevertheless, EURUSD remains relatively high at around 1.1850 handle due to somewhat dovish signals from Fed and stellar preliminary PMIs from the euro area for November.

link do file download link

 EURUSD tests a local resistance at 1.1850. If bears strike back, the pair could reverse towards 50.0% Fibo retracement.