Euro in focus ahead of the highly likely ECB rate cut. Euro positioning has improved in recent weeks and softer US data could improve the outlook for the single currency
IG Client Sentiment Update: Our data shows the vast majority of traders in Oil - US Crude are long at 87.33%, while traders in EUR...At this point, anything other than a 25 bps cut from the ECB will be a massive surprise as multiple committee members have expressed their preference for such a move. The European economy has been in need of a boost for since Q4 2022 whenbegan to stagnate.
Support emerges at channel support and the 200 SMA around 1.0800. Levels to the upside remain at channel resistance, followed by 1.0942/1.0950. The formation of the evening star marked the recent top in EUR/CHF which appeared before Jordan’s comments. The pair shows a bias towards the downside and recently broke below the 50-day simple moving average ahead of channel support which naturally becomes the next level of interest. Additional levels to the downside include 0.9694, followed by the 200 SMA or 0.9565.
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