Intra-Day News and Views and data to be released today - EUR/USD
|Intra-Day Market Moving News and Views
Update Time: 16 Dec 2019 04:30GMT
EUR/USD - 1.1129... The single currency went through a roller-coaster session on Friday as despite rising in tandem with cable to a 6-month high 1.1199 in Australia, price retreated to 1.1164 ahead of European open and then fell sharply to session lows at 1.1112 in New York afternoon before stabilising. The pair then opened marginally higher and gained to 1.1133 in New Zealand before trading sideways.
Euro's selloff from Friday's 6-month high at 1.1199 to 1.1112 suggests upmove from 2019 trough at 1.0880 (October) has made a temporary top there and consolidation with downside bias remains for stronger retracement to 1.1071.
Offers are now seen at 1.1140/50 and more above at 1.1160/70 with stops building up above there whilst initial bids are noted at 1.1050/60. Hence, selling on intra-day recovery is the way to go.
There is a slew of PMIs to be released from the eurozone but one should pay particular attention to Germany's manufacturing and services PMIs at 08:30GMT. Street forecasts are for an uptick to 44.5 and 52.0 from previous readings of 44.1 and 51.7 respectively.
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