The Euro saw slim to moderate gains on Friday ahead of ECB blackout.

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• The Euro saw slim to moderate gains on Friday ahead of ECB blackout.
• Europe got a reprieve from high-impact economic data this week.
• Next week sees euro area’s latest HCOB PMIs, as well the ECB’s next rate call.
• Aggressive rate cut bets don’t help ECB
• It is central banks’ time

The Euro (EUR) stepped broadly higher on Friday as market sentiment recovered its footing in the last day of trading for the week.

Europe got a break from the economic calendar this past week with most markets focused on headlines from the World Economic Forum (WEF) in Davos, Switzerland. European Central Bank (ECB) policymakers have been running a media circuit in an effort to talk down market expectations of rate cuts from the ECB, and ECB President Christine Lagarde put significant effort into specifically not addressing monetary policy during a slew of scheduled appearances at the WEF.

The Euro (EUR) rebounds softly on Friday and is in the green across the major currency board except for thin mileage against the US Dollar (USD) and the Canadian Dollar (CAD). The Euro is up around a third of a percent against the Pound Sterling (GBP) and the Australian Dollar (AUD), and about a quarter of a percent higher versus the Swiss Franc (CHF).

The EUR/USD sees limp trading with the pair caught in near-term congestion between major moving averages. Intraday action on Friday has been mostly flat as the pair sees a thin rebound from midweek declines into 1.0850, and the near-term price ceiling is drawn in from 1.0900.

Daily candlesticks are trapped between the 50-day and 200-day Simple Moving Averages (SMA) at 1.0920 and 1.0850, respectively. The pair remains in technically bullish territory with a higher-lows pattern etched in from September’s lows near 1.0450. Price action sees a technical ceiling at January’s soft barrier at the 1.1000 handle.

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