Intra-Day Market Moving News and Views -EUR/USD

AceTrader Team AceTrader

Intra-Day Market Moving News and Views -EUR/USD

EUR/USD - 1.1607.. The single currency traded narrowly with a steady bias is subdued Asian trading after yesterday's cable-led rally from an 11-month trough at 1.1509 to as high as 1.1634 in New York morning on active short covering.

Although euro met renewed selling in European morning on Thursday n briefly broke May's 1.1510 low, indicated option defense at 1.1500 contained weakness and intra-day jump in sterling triggered a rally in euro, this, in turn, led to broad-based USD's weakness.

Although it is too soon to call for Medium Term decline from 1.2555 (February) has made a low at 1.1509 yesterday, one can expect choppy trading avc 1.1509 in next few days with an upside bias, so buying euro on dips for further gain is favoured as the path of least res is to the upside.
Bids are noted at 1.1595-85 and more below with some stops below 1.1550.
Offers are tipped at 1.1630/40 with stops above 1.1650 with more stops touted above 1.1700.

Today is PMI day in the eurozone, France will kick off with Markit mfg and services PMIs, then the same from Germany and the EU.

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