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Jan 15 - 07:55 PM

EUR/USD - Heavy - Few Reasons To Be A Euro Bull At Present

By Andrew Spencer  —  Jan 15 - 06:36 PM

• +0.05% - closed -0.2% with the USD -0.1%, EUR/JPY -1.15%, EUR/GBP -0.35%

• Leaderless German economy contracted for a 2nd year- wobbly French coalition

• ECB to cut 4 times in Q1 2025 - economists - few reasons to be a Euro bull at present

• Charts - neutral daily momentum studies, 21-day Bollinger bands expand

• 5, 10 & 21-DMAs slip, weekly moving averages fall - a modest negative setup

• Wednesday's 1.0354 top then last week's 1.0437 high are initial resistance

• 1.0195 0.618% of 2022/2023 rise then Monday's 1.0177 base are first supports

• Bulls need a close above last week's 1.0437 high to get excited

• 1.0260/70 1.627 BLN and 1.0295/00 1.145 BLN - close strikes for Jan 16th
Andy


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

Source:
London Stock Exchange Group | Thomson Reuters

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