The November/December bull trend in the Euro (EUR), Australian Dollar (AUD) ended in late December bouncing hard off 0.6200 (1.6140), with the Euro making gains back to 0.6080 (1.6450). The Euro received a boost from ECB’s Lane who said interest rates were not something of consideration in the short term. Germany, the European powerhouse, is likely to take some time to return to decent growth after succumbing to general economic weakness in 2023. The economy contracted 0.3% in the fourth quarter with weak industrial production and Retails Sales reports. Aussie jobs data releases Thursday on the docket, we expect the unemployment rate to remain at 3.9%.
Current Level: 0.6078
Resistance: 0.6200
Support: 0.5950
Last Weeks Range: 0.6075 – 0.6150