The ECB is expected to keep interest rates and its bond-buying program unchanged. Divisions between the voting members a growing in the divided central bank, a development which should be followed closely. The EURAUD is in a holding pattern inside of its horizontal support area. Will today’s ECB press conference allow this currency pair to attempt a breakout, or will a breakdown follow? Today’s fundamental analysis will take a look at price action in both directions.

The Australian employment report for December came in better-than-expected, but this was due to a strong reading in part-time positions. The minor loss in full-time positions dampened optimism. Consumer inflation expectations surged, and if they remain elevated the RBA is unlikely to cut interest rates. Forex traders are now awaiting the ECB interest rates press conference, how will it impact this currency pair. Subscribe to the PaxForex Daily Fundamental Analysis and earn over 5,000 pips per month.