Euro (EUR) focus this week is on the ECB cutting interest rates from 3.40% to 3.15% as they cut faster to alleviate a dropping economy with softer growth forecast. Also on the radar is today’s RBA OCR with no change from 4.35% expected. We are expecting the tone from the RBA Governor to change into “easing timing” and policy direction. The cross has reversed off 0.6045 (1.6540) the 12-week daily low to 0.6105 (1.6380) this morning. Possibly a sneak preview of weekly direction given central bank divergence.
Current Level: 1.6404
Resistance: 1.6540
Support: 1.6300
Last Weeks Range: 1.6158- 1.6560