Weekly Technical Euro Forecast: It's a Mixed Bag
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Technical Forecast for the Euro: Neutral
Selection matters in the EUR-crosses, as each major pair is seemingly in its own world. EUR/USD has struggled while EUR/JPY has rallied, and EUR/GBP is still in Brexit’s thrall.
Significant technical levels have been reached in each of the three major EUR-crosses in recent days.
The IG Client Sentiment Index suggests that most EUR-crosses have a mostly bullish trading bias.
Euro Proves Relatively Boring
January was an exciting month for many reasons, and for the Euro, this was true to vary degrees, but mostly negative. Coronavirus vaccination rates have been incredibly slow across Europe, much slower than the UK and the US. With lockdowns ongoing, economic data remains sluggish, providing little reason for traders to lift the Euro higher. But then again, the Euro hasn’t made much progression or regression either: neither EUR/JPY nor EUR/USD rates moved in excess of +/-1% in January, while EUR/GBP rates were barely outside of this range, down by -1.02%.