The Euro (EUR), Australian Dollar (AUD) remains in its 4-week range, pivoting around mid-0.6060 (1.65’s) for the most part. The Euro got a boost from ECB’s Holzmann when he said there was a chance the central bank would cut rates in 2024 but slipped lower Friday and again off Monday’s open to 0.6070 (1.6470). The economic docket this week is thin with just Australian unemployment printing. The data is expected to reflect a rise in numbers from 3.9% to 4.0%. With a hawkish bias on inflation these job figures could impact later decisions on the timing of rate cuts. Direction over the week could support the Euro as the cross continues its bear channel lower.
Current Level: 1.6496
Resistance: 1.6670
Support: 1.6380
Last Weeks Range: 1.6455- 1.6609