Your Setup Trade for the ECB Meeting

Both the Bank of England and the European Central Bank are meeting tomorrow. Here's your trading plan.

If you suffer when there is an absence of central bank news - and really, who doesn't - this week should cure you. On Thursday alone, the Bank of England and the European Central Bank will be meeting, and that means it's time for a trading plan.

Luckily, Willie Williams, director of institutional derivative sales at Societe Generale, has a strategy for you.

"The market is expecting nothing from the ECB tomorrow," he told CNBC. "At the last meeting, they gave us a lot of what we needed" in terms of stimulus and reassurance that they intend to keep the euro zone together. The Bank of England is also expected to stand pat.

Williams isn't expecting anything spectacular from Friday's U.S. nonfarm payroll report, either.

Putting all that together, so you might think Williams would go for a bullish euro trade - but you would be wrong. He thinks this is a great time to sell the euro against the dollar, and even with all the coming event risk, he's generally comfortable holding that position through the weekend.

"The negative story on the euro is more about what's happening in Europe," he says, and ticks off factors like Spain's apparent reluctance to seek aid, disappointing economic reports from the euro zone core, and a downbeat report on manufacturing activity.

Williams wants to sell the euro against the dollar at 1.2900 with a stop at 1.3100 and a target of 1.2500.

Tune In: CNBC's "Money in Motion Currency Trading" airs on Fridays at 5:30pm and repeats on Saturdays at 7pm.

Learn more: The essential vocabulary for currency trading is on Key Terms Dictionary. Top currency strategies are broken down for you in Currency Class.

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