Euro Consolidation: A Springboard to 1.2000?
EURUSD – technical overview
The Euro has been in a multi-month consolidation since bottoming out in 2022. Setbacks have since been exceptionally well supported on dips below 1.0500, with a higher platform sought out ahead of the next major upside extension. Look for a push through the 2023 high at 1.1276 to strengthen the constructive outlook and extend the recovery run towards 1.2000. Only back below 1.0400 negates.
R2 1.0853 – 12 June high – Strong
R1 1.0762 - 18 June high – Medium
S1 1.0668 - 14 June low– Strong
S2 1.0650 – 1 May low – Medium
EURUSD – fundamental overview
The Euro has put in a recovery as sovereign bond spreads narrow and the shock value of a large Marie Le Pen lead fades away ahead of the first round of the French election this Sunday. Meanwhile, ECB Schnabel has said the central bank can't commit on the rate path. On the data front, we saw an easing in German IFO reads, though this failed to weigh on the single currency. Key standouts on Tuesday’s calendar come from Fed speak, Canada inflation, the Chicago Fed National Activity Index, US Case Shiller, US house prices, US consumer confidence, and Richmond Fed manufacturing.
Exclusive FX research from LMAX Group Market Strategist, Joel Kruger
The Euro has been in a multi-month consolidation since bottoming out in 2022. Setbacks have since been exceptionally well supported on dips below 1.0500, with a higher platform sought out ahead of the next major upside extension. Look for a push through the 2023 high at 1.1276 to strengthen the constructive outlook and extend the recovery run towards 1.2000. Only back below 1.0400 negates.
R2 1.0853 – 12 June high – Strong
R1 1.0762 - 18 June high – Medium
S1 1.0668 - 14 June low– Strong
S2 1.0650 – 1 May low – Medium
EURUSD – fundamental overview
The Euro has put in a recovery as sovereign bond spreads narrow and the shock value of a large Marie Le Pen lead fades away ahead of the first round of the French election this Sunday. Meanwhile, ECB Schnabel has said the central bank can't commit on the rate path. On the data front, we saw an easing in German IFO reads, though this failed to weigh on the single currency. Key standouts on Tuesday’s calendar come from Fed speak, Canada inflation, the Chicago Fed National Activity Index, US Case Shiller, US house prices, US consumer confidence, and Richmond Fed manufacturing.
Exclusive FX research from LMAX Group Market Strategist, Joel Kruger
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