According to Mikael Olai Milhøj, senior analyst at Danske Bank, although the EUR/USD edged higher yesterday and is now not too far from pre-ECB levels.

“We still see ECB as a game changer and notably stress that this, in our view, makes EUR/USD more reactive to negative news. And from a cyclical point of view, we expect the cross will face headwinds near term, including from a possible Fed repricing. If the Commons rejects a no deal Brexit today, it could lift EUR/USD slightly in the very near term.”