EUR/CHF Breakout Signals Risk-On in Europe; EUR/NOK, EUR/SEK Test Key Support
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Euro Outlook:
The Euro has been left to the whims of broader markets, but a look at some of the non-major EUR-crosses suggests that risk appetite continues to improve.
While EUR/CHF rates have broken out higher, EUR/NOK and EUR/SEK rates remain within consolidations that have bearish inclinations.
Non-Major EUR-crosses Look Optimistic
In recent days we’ve looked at the major EUR-crosses, surmising that the Euro itself is without a major thematic influence and instead remains at the whims of the broader markets. Considering another perspective, looking at the Euro through the lens of non-major EUR-crosses, a similar story unfolds: there is no singular thread driving price action around the Euro itself. Instead, taking recent pricing action in aggregate in EUR/CHF, EUR/NOK, and EUR/SEK rates, a narrative unfolds: risk appetite is improving, plain and simple.