There are just a couple to take note of on the day, as highlighted in bold.
They are relatively large ones and are all for EUR/USD layered through 1.0500 to 1.0550. Similar to what we saw at the end of last week, the ones at the figure level are likely to help keep things anchored alongside the other expiries as they do rest near key near-term levels. The 100 and 200-hour moving averages are seen at 1.0505 and 1.0525 respectively and will play a role in limiting near-term price action as well.
However, just keep in mind that we will have key PMI data from France and Germany to come. And any sizable upside or downside surprises there could play a role in jolting price action a fair bit in the session ahead. That being said, I would pin the downside with higher weightage considering the weaker euro as of late. But just be wary that traders have already priced in ~92% odds of a 25 bps rate cut for January, so there is little room to push that any more than it is now.
For more information on how to use this data, you may refer to this post
here.
This article was written by Justin Low at
www.forexlive.com.
