The calm before the ECB storm’ appeared to emerge the main theme in Asia, with the majors trading within limited range in anticipation of huge volatility stirred by the ECB decision. While dust settled over Yellen’s comments overnight and traders once gear up for more Yellen in the day ahead. On the FX front, the sentiment around the greenback remained lifted amid optimistic remarks from Yellen and solid US ADP jobs data. The Fed Chair Yellen commented on Wednesday that the US economic outlook has improved than previously seen and that the Fed remains on track for a rate lift-off this month with the focus now on Friday’s NFP report, the last one before FOMC decision on Dec 16.

Yesterday GBP/USD went to the pits testing 1.4895 levels. while EUR/USD staying  in the range 1.0632 and 1.0550.

The big new today would be EUR :Minimum Bid Rate and ECB Press Conference.

US: Unemployment Claims, Fed Chair Yellen Testifies and ISM Non-Manufacturing PMI.

TECHNICAL LEVELS FOR TODAY

EUR/USD

upside : First resistance at 1.0632, followed by 1.0667 and 1.0720

down side: First support at 1.0550 , followed by  1.0510 and 1.0470 a break below this level  would trigger the free fall.

GBP/USD

Upside :  First resistance at 1.4956 followed by 1.488 and 1.5015.

Down side: 1.4895 , 1.4854 a break below this level would test 1.4010 level.