EURTHB Eyes Nagel SpeechEuro/Thai BahtSAXO:EURTHBYES_Group- Yesterday Recap 1/9/26 Yesterday, EURTHB closed at 38.57 in the Thai market. Meanwhile, Eurozone CPI Flash Estimate YoY came in at 3.3%, in line with expectations but up from the previous reading of 2.9%. Core CPI came in at 2.4%, slightly below the forecast of 2.5%, while the Unemployment Rate stood at 6.4%, slightly above expectations. Overall, the data reflected inflation remaining elevated, while the labor market showed some signs of easing. - Fundamental 2/9/26 Key News Today EURTHB: 07:30 – German Buba President Nagel Speaks Today, the market is focusing on Nagel’s remarks, which overall came across as slightly hawkish. He noted that the German economy continues to show momentum, with Q2 GDP revised up to 0.3%, suggesting that the economy may expand more strongly than previously expected. Meanwhile, Eurozone core inflation has declined but remains an area that requires close monitoring. On monetary policy, Nagel reiterated a data-dependent approach, with decisions being assessed on a meeting-by-meeting basis. This provides no clear signal of an immediate change in the policy direction. However, the improved economic outlook reduces expectations for an overly rapid easing of monetary policy and provides slight support for the EUR. Overall, EURTHB is expected to edge higher but remain range-bound, with the market continuing to focus on the ECB’s policy stance, European economic data, and the direction of the USD. - Technical Analysis Bias: Sideways Up / Bullish EURTHB maintains a Bullish bias, supported by a Higher Low structure and the price holding above the moving average. If the price holds above 38.57, it could move higher to test 38.64–38.66. However, a break below 38.54 would increase downside risk. Resistance: 38.64–38.66 A key resistance zone. A break above this level could open the way for further upside. Support: 38.57 / 38.54 Key support levels. As long as the price holds above 38.54, the overall bullish outlook remains intact. Target: 38.66 Cut Loss: 38.54 If the price breaks below 38.54, EURTHB could enter a correction phase, weakening the bullish momentum.