The Euro Index is trying to retreat with strong market expectations to cut interest rates for 2024 soon, but many members of the European Central Bank have recently appeared and are trying to beautify this picture and oppose the early reduction of interest.

But we are waiting for more data for more clarity on monetary policy from the European Central Bank.

Also, the governor of the European Central Bank, Christ Lagarde, said yesterday in remarks on the sidelines of the World Economic Forum Davos 2024 that an interest rate cut is possible next summer, as we rely on the data, and there is a level of uncertainty and some indicators that have not shown the level of inflation that we would like to see so far.

Technically: Euro Index is trying to compose a bat harmonic model on the weekly frame. It is possible to confirm this pattern if the index breaks the uptrend levels and also the support levels of 106.80 during the next trading period.