Fri, Feb 03, 2023 @ 16:59 GMT
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Euro tumbles on report that ECB considering smaller hike in Mar

Euro tumbles broadly after Bloomberg reported, quoting unnamed source, that ECB is pondering slower rate hike after 50bps in February. It noted that “the prospect of a smaller 25-point increase at the following meeting in March is gaining support”.

EUR/CHF’s break of 0.9953 resistance turned support now raising the chance of at least a deeper correction. For now, 38.2% retracement of 0.9407 to 1.0095 at 0.9832. Reaction from there would reveal whether EUR/CHF could defend its near term bullishness.

Meanwhile, EUR/GBP is heading back to 0.8768 support. Reaction from there will also reveal whether rebound from 0.8545 has completed at 0.8896 already.

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