Intra-Day Market Moving New and Views
02 Sep 2014 01:49GMT
EUR/USD - .... Despite gaining a fleeting moment of respite in subdued North American session as markets in U.S. & Canada were closed for Labor Day holiday, euro bears returned shortly after Asian open as a surprise rally in the Nikkei led to intra-day rally in dlr/yen, this in turn triggered broad-based rise in the greenback.
The single currency fell from 1.3133 to a fresh near 1-year bottom of 1.3117 after penetrating Mon's 1.3119 low. The lack of a recovery suggests euro bears would test daily chart obj. 1.3105, at present, some buying interest n stops are touted above 1.3105 n below 1.3100 respectively. Offers have been lowered to 1.3130/40 with stops above 1.3150, therefore, selling euro on recovery is the way to go.
Yesterday despite staging a short-covering rebound from a fresh 1-year low at 1.3116 to 1.3146 in early European morning, the single currency met renewed selling n retreated to 1.3127 after European close in thin trading conditions as North American markets (U.S. n Canada) remained closed for Labour day holiday.
Offers are now seen at 1.3145/50 n more above at 1.3160/70 with stops building up above there whilst initial bids are noted at 1.3120/30, suggesting selling on recovery is still the favored strategy.
Data to be released on Tuesday:
Australia building approvals, current account, RBA rate decision, Swiss GDP, UK construction PMI, EU PPI, U.S. manufacturing PMI, construction spending and ISM manufacturing.
02 Sep 2014 01:49GMT
EUR/USD - .... Despite gaining a fleeting moment of respite in subdued North American session as markets in U.S. & Canada were closed for Labor Day holiday, euro bears returned shortly after Asian open as a surprise rally in the Nikkei led to intra-day rally in dlr/yen, this in turn triggered broad-based rise in the greenback.
The single currency fell from 1.3133 to a fresh near 1-year bottom of 1.3117 after penetrating Mon's 1.3119 low. The lack of a recovery suggests euro bears would test daily chart obj. 1.3105, at present, some buying interest n stops are touted above 1.3105 n below 1.3100 respectively. Offers have been lowered to 1.3130/40 with stops above 1.3150, therefore, selling euro on recovery is the way to go.
Yesterday despite staging a short-covering rebound from a fresh 1-year low at 1.3116 to 1.3146 in early European morning, the single currency met renewed selling n retreated to 1.3127 after European close in thin trading conditions as North American markets (U.S. n Canada) remained closed for Labour day holiday.
Offers are now seen at 1.3145/50 n more above at 1.3160/70 with stops building up above there whilst initial bids are noted at 1.3120/30, suggesting selling on recovery is still the favored strategy.
Data to be released on Tuesday:
Australia building approvals, current account, RBA rate decision, Swiss GDP, UK construction PMI, EU PPI, U.S. manufacturing PMI, construction spending and ISM manufacturing.
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