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Feb 11 - 07:55 PM

EUR/USD - ECB Expectations Key - Downtrend Needs Progress Soon

By Andrew M Spencer  —  Feb 11 - 05:35 PM
  • Steady after closing up 0.05%, recording a third marginal higher daily high

  • Wages are key for ECB rates - new ECB forecasting tool, wages to peak in Q1

  • Q1 EU wage negotiations will be pivotal for inflation and ECB policy

  • Charts; daily momentum studies conflict, 21-day Bollinger bands head lower

  • 10 & 21-day moving averages slide - daily charts retain a negative setup

  • Well tested support at 1.0712/23 - the Dec low and 61.8% of Oct/Dec rise

  • Sustained 1.0700 break would target 1.0611, 76.4% of the Oct/Dec climb

  • A close above resilient 1.0836 falling 21-DMA would end the downside bias

For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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