Intra-Day Market Moving News and Views -EUR/USD
Intra-Day Market Moving News and Views
16 May 2018 03:00GMT
EUR/USD - 1.1828.. Euro remains on the back foot in relatively subdued Asian trading, price fell briefly below Tuesday's 4-1/2 month low of 1.1820 to 1.1817 in Australia, despite a minor recovery to 1.1835 at Asian open, sellers emerged n pushed price down to 1.1816.
The lack of a corrective bounce, unlike the intra-day strg bounce from 1.1820 to 1.1875 in New York midday suggests downside bias remains for euro to head to 1.1800, then 1.1865/70 after consolidation, however, reckon 1.1718 sup (2017 Dec low) should remain intact today.
Offers are tipped at 1.1840/45 n more above with stops above 1.1875.
Some bids are noted at 1.1810-00 with stops touted below there.
Euro was sold after downbeat EZ data, today, we have Germany's final CPI, Italy's industrial sales and output, CPI n the same from the EU. at 12:15GMT, ECB President Draghi will speak at a farewell event for ECB VP Constancio, then at 12:30GMT, ECB's Coeure will speak at the same event followed by ECB's Praet at 14:30GMT.
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