EURUSD parks itself between 1.22 & 1.23 (currently 1.2208)
- German political news helps push the euro further away from 1.2300 and the option barrier as trouble looms for SDP leader Schulz getting the coalition deal past party members
- ECB sources story gives euro another kick lower on lack of expectation for any guidance change at next week’s meeting
- ECB also in hot water from EU auditors over bank supervision
- No shocks from final CPI numbers unchanged from Germany (HICP 1.7% y/y) and Italy (HICP 0.9% y/y)
- 1.2202 the low after all the above news is traded (55 H1MA 1.2207)
- Further support around 1.2185/90 but stops under 1.2200 may be big enough to blow through
- 1.2150/60, 1.2120, 1.2100 & 1.2090 the main support under 1.2200
- A lot of moving average tech needs to play catch up
- Holding above 1.2200 keeps the rally in place but buyers will need a swift return to take on 1.23, or the upswing risks retracing further
- Resistance now at 1.2240. 1.2270/80, 1.2290 & 1.2300
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I saw one “in the know” observer interviewed last night. he said that no details concerning manifestos had been exchanged and negotiated upon. How can a deal be anywhere near when they haven`t negotiated the nuts and bolts of where they all need to be. Nothing has been exchanged across the table at all. This could rumble on and on
I think they’re voting on the basis of any deal rather than the actual deal, as you say. Once they get around that, they’ll either go back and say the terms of the deal are good, so let’s sign it, or they’ll start negotiating again.