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EUR Retraces ECB Losses, But Remains Soft in Crosses

EUR
  • With Lagarde's press conference winding to a close (de Guindos speaking now on CRE exposure risks), the EUR is a net of only ~5 pips or so below pre-decision levels, but is looking softer against the likes of CAD, AUD and NZD. EURAUD downside momentum was already building headed into the ECB decision.
  • A cluster of daily lows around 1.6450 have been tested, but continue to remain supportive - a breach below here may refocus the market’s attention on the year’s lows at 1.6130. This would also coincide with a breach of a trendline drawn from the 2022 lows.
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