Intra-Day News and Views & data to be released today - EUR/USD
|Intra-Day Market Moving News and Views
Update Time: 25 Apr 2019 03:30GMT
EUR/USD - 1.1159.. Euro bulls are licking their wounds after yesterday's selloff. Trading the euro on Wed proved to be tricky as price swung wildly in European morning before tumbling on usd's strength in New York. Despite a brief dip to 1.1195 after soft German Ifo data, price rebounded to 1.1223 before renewed selling emerged. Intra-day decline accelerated near New York midday, price penetrated previous 2019 low at 1.1177 (March) and hit a 22-month trough of 1.1141 after tripping large stops below 1.1170.
Yesterday's daily close below 1.1177 after 7 weeks of broad sideways swings bodes ill for the eruo in the coming days. The lack of a recovery in subdued Asian morning (both New Zealand and Australia markets are closed for Anzac Day holiday) suggests Medium Term downtrend would pressure the single currency and price is en route to 1.1040/50 target next week and possibly a probe at the 'psychological' 1.1000 handle. Therefore, selling euro on recovery is the way to go.
Offers have been lowered to 1.1175/85 and more above with stops above 1.1200.
Some bids (profit taking) are touted at 1.1150-40 with stops below 1.1130.
No eco. data is due out from the EZ countries, however, ECB Vice President will particpate at an event in New York at 12:30GMT.
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