Global macro overview for 22/10/2015:

The main event of the week, the European Central Bank meeting, is scheduled at 11:45 am GMT. The market participants expect the ECB to leave monetary policy unchanged for another month (interest rate at 0.05% vs. 0.05% prior) despite inflation falling back into negative territory (-0.1% as for the latest reading) and growth remaining sluggish. Nevertheless, the recent remarks of Ewald Nowotny regarding the possibility of QE increase (extended bond buying program beyond September 2016), if necessarily, might work as adding fuel to the fire. Investors will be closely watching ECB president Mario Draghi to support or decline this possibility.

The EUR/USD pair is trading slowly ahead of news releases, currently trying to break below the 1.1318 technical support. In case of a successful breakout, the next support is seen at the level of 1.1086.