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

Intra-Day Market Moving News and Views
16 Oct 2018 03:00GMT

EUR/USD - 1.1584.. Euro moves narrowly in subdued Asian morning after yesterday's rally from 1.1537 (New Zealand) to as high as 1.1606 in New York morning due to usd's weakness in Europe and soft U.S. retail sales data, however, price was unable to re-test last week's top at 1.1610 n retreated to 1.1574 in New York afternoon on profit taking.

Although range trading is in store ahead of European open, as yesterday's gain to 1.1606 suggests said pullback fm 1.1610 has ended, mild upside bias remains for last week's corrective rise from 1.1432 to head to 1.1625/29, however, loss of upward momentum is expected to cap price below 1.1651 res and yield decline later today.
Bids are noted at 1.1580/75 with stops below 1.1550 n more below 1.1535.
Offers are tipped at 1.1605/10 with stops reported above there.

The euro area countries will release a slew eco. data starting with Germany's import price index, Italy's indutrial orders and sales, pay attention to Germany's ZEW eco. sentiment and eco. conditions, then Italy's CPI, EU's trade balance, EU's ZRE eco. sentiment and Italy's trade balance. Germany's Finance Minister Scholz will speak at 11:00GMT.