• Off 0.05% after closing up 0.1%, with the USD off 0.25% - EUR/JPY -0.75%

• Germany's Merz vowed to reform the economy as his full cabinet was unveiled

• STOXX 600 - longest winning streak in nearly 4yrs, as recession fears ease

• Charts- 21-day Bollinger bands contract, 5, 10 & 21-day moving averages coil

• Daily momentum studies ease - the February/April uptrend remains stalled

• April 15th, 1.1264 base, then 1.1049 lower 21-day Bolli are first supports

• 1.1440 range top, then the 1.1572 2025 high are the first resistance

• 1.1275 538mln and 1.1325 1.378BLN are the close May 6th strikes
Andy

(Andrew Spencer is a Reuters market analyst. The views expressed are his own.)