The Euro (EUR) is little changed on the session and is consolidating above key short-term support at 1.0875, notes Shaun Osborneanalyst of Scotiabank FX.
A break below 1.0875 would take the EUR to 1.0750
“The EUR is little changed on the session. ECB policymakers continue to suggest that the ECB is in no rush to cut rates—Makhlouf said as much earlier today, while Kazimir, a hawk, commented that while bets on two rate cuts were not completely out of place, they were not a baseline expectation for the bank either.”
“Spot is consolidating above key short-term support at 1.0875—a potential Head and Shoulders trigger on the intraday chart. A break below this point would suggest further EUR weakness towards 1.0750 over the next week or so. Intraday resistance is 1.0910/20 before 1.0950.”
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
