The Euro is seeing gains across the major currency board amidst US market holiday.

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• The Euro is seeing gains across the major currency board amidst US market holiday.
• European Industrial Production declined in November, but it was still highest print in three months.
• ECB President Lagarde due to appear several times at Davos World Economic Forum.

The Euro (EUR) is in the green against its major currency pairs, taking top spot as one of the best-performing currencies in Monday trading. Despite broad-base recovery momentum behind the Euro, the US Dollar (USD) is giving only slim ground up to the EUR on Monday, with US markets shuttered in observance of Martin Luther King Day.

European Industrial Production declined again in November, but no less than market forecasts were expecting, and this week’s major data threat for EUR traders will be a smattering of appearances by European Central Bank (ECB) President Christine Lagarde at the World Economic Forum hosted in Davos, Switzerland.

The Euro (EUR) is in the green across the major currency bloc, gaining around six-tenths of a percent against the New Zealand Dollar (NZD) and half a percent against the Japanese Yen (JPY) and the Australian Dollar (AUD).

Momentum is notably thin for the Euro against the US Dollar, with the EUR/USD pair up a scant 0.05% on Monday.

The EUR/USD has consolidated firmly into the 200-hour Simple Moving Average (SMA) near 1.0950, keeping the pair trapped below the 50-day SMA near 1.0960 as the pair slumps into the midrange. The EUR/USD remains capped by the 1.1000 major handle in the near-term as 2024 develops into a sideways grind.

Daily candlesticks suggest that downside may be limited moving forward, with the pair sticking to chart territory north of the 200-day SMA at 1.0850, with a rising 50-day SMA putting technical pressure on the EUR/USD from below. The 50-day SMA has confirmed a bullish cross of the 200-day SMA and is pressing into the 1.0900 handle, propping up prices as the pair holds to a pattern of higher lows from October’s bottom bids near 1.0450.

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