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  • 🇫🇷 Consumer Confidence (JAN) Actual: 92 Expected: 94 Previous: 95 https://www.dailyfx.com/economic-calendar#2021-01-27
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  • Heads Up:🇩🇪 GfK Consumer Confidence (FEB) due at 07:00 GMT (15min) Expected: -7.9 Previous: -7.3 https://www.dailyfx.com/economic-calendar#2021-01-27
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  • Outside of GameStop and other activist driven stocks, risk markets seem to be struggling for direction. Maybe the Dow and EURUSD will draw direction from the growth forecasts, the FOMC rate decision and key earnings (like TSLA and AAPL). My analysis: https://www.dailyfx.com/forex/video/daily_news_report/2021/01/27/Dow-and-Dollar-Steel-for-FOMC-Top-Earnings-and-Growth-Fight-Against-Speculative-Control.html?ref-author=Kicklighter&QPID=917719&CHID=9 https://t.co/SqdH9JM6Pu
EUR/USD Coils in 100-pip Range; GBP-crosses Breakout Before BoE

EUR/USD Coils in 100-pip Range; GBP-crosses Breakout Before BoE

Christopher Vecchio, CFA, Senior Strategist

Talking Points:

- EURUSD holding bottom of recent range - no break yet,

- EURGBP closing in on 2015 lows.

- See the February Forex Seasonality report and the implications for the majors.

Traders are waiting on news out of the Eurogroup's meeting on Greece before choosing a direction in EURUSD. The 100-pip range that's formed this week isn't just a function of Greece, however: overstretched short positioning alongside what has been generally improving economic data out of the Euro-Zone have put the breaks on downside momentum. With the retail crowd still net-short EURUSD, a break higher around headlines around Greece may contain within it the conditions for a modest covering rally.

The British Pound hasn't been as patient as its European counterpart, with traders pushing the world's oldest currency higher a day before the Bank of England publishes its vaunted Quarterly Inflation Report. Even as incoming inflation readings have fallen well-below the BoE's mandated target level, policy officials have continued to express their desire to raise rates at some point this year. Expecting positivity from the report, the GBP-crosses have started to break higher, in particular in the commodity currency bloc.

See the above video for technical considerations in EURUSD, GBPUSD, EURGBP, GBPAUD, and GBPCAD.

Read more: EUR-, GBP-crosses Near Critical Junctures in Emotional Environment

--- Written by Christopher Vecchio, Currency Strategist

To contact Christopher Vecchio, e-mail cvecchio@dailyfx.com

Follow him on Twitter at @CVecchioFX

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