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

AceTrader Team AceTrader

Intra-Day Market Moving News and Views
13 Dec 2018 03:30GMT

EUR/USD - 1.1368.. Although euro remained on the back foot in Asian trading yesterday after this week's selloff from 1.1443 (Monday) to 1.1306 on Tuesday, intra-day strong bounce in cable lifted the pair to 1.1364 and price later ratcheted higher to session highs of 1.1388 in New York afternoon on news that Italy had lowered its deficit target for 2019 fiscal year to 2.04 percent of GDP from originally proposed 2.4% and market expected this revived budget would be accepted by the European Commission.

Intra-day narrow move in Asia suggests consolidation is in store ahead of European open n upside bias remains for gain to 1.1400, break there would bode well for euro towards 1.1443 form a technical perspective but market may not do that ahead of ECB's monetary policy announcement at 12:45GMT and then ECB Draghi's press conference which always causes euro to swing wildly during Draghi's speech n Q&A session.
For now, bids are noted at 1.1360-50 with stops below 1.1330 n more stops are reported below 1.1300.
On the upside, offers are tipped at 1.3385/95 with stops above 1.1400.

Euro area countries will release a slew of eco. data, please refer to our EI section for details. Market is paying attenttion to today's EU summit on budget and Brexit, so keep an eye out on officials' comments as well as news headlines.

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