Euro broke through resistance a the January opening-range highs last week at 1.0405/48 (now support). Possible upslope in play here but too early to rely on.
For now, focus is higher while above the objective yearly open at 1.0354.
Next major resistance zone eyed at the 2023 low-week close (LWC) / April low at 1.0587-1.0602- look for a larger reaction there IF reached with a close above needed to suggest a more significant low was registered this month / a larger reversal is underway towards 1.0777/82.
FED / ECB interest rate decisions are on tap this week with U.S. 4Q GDP slated for Friday.
Watch the weekly close here for guidance. Covered this setup in depth in this week's Technical Outlook Webinar.
-MB
For now, focus is higher while above the objective yearly open at 1.0354.
Next major resistance zone eyed at the 2023 low-week close (LWC) / April low at 1.0587-1.0602- look for a larger reaction there IF reached with a close above needed to suggest a more significant low was registered this month / a larger reversal is underway towards 1.0777/82.
FED / ECB interest rate decisions are on tap this week with U.S. 4Q GDP slated for Friday.
Watch the weekly close here for guidance. Covered this setup in depth in this week's Technical Outlook Webinar.
-MB
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