The Euro (EUR) hasn’t been able to hold levels around 1.6560 (0.6040) Friday falling back early this week to 1.6480 (0.6070) as risk and the kiwi is better supported in the wake of the ECB cutting rates from 4.25% to 3.65% late last week. Softer Euro economic data hasn’t helped with German Retail Sales and Eurozone industrial production coming in light. Aussie employment data is the main even this week with no change predicted from the current unemployment rate at 4.2%. The ECB president speaks Friday. Our view is a retest of 0.6080 (1.6450) this week.
Current Level: 1.6485
Resistance: 1.6850
Support: 1.6400
Last Weeks Range: 1.645- 1.6628