EUR/USD: Range trading is expected to continue

AceTrader Team AceTrader

Intra-Day Market Moving News and Views
Update Time: 23 May 2019 03:00GMT

EUR/USD - 1.1150.. Euro continues to move in familiar territory in directionless trading yesterday as sterling stole the limelight due to political turmoil in the U.K. and swung wildly in European morning as well as New York session.

Although euro caught a light bids in European morning n staged a rebound from 1.1148 to session highs of 1.1180 shortly after New York open, intra-day rebound in cable triggered broad based unwinding in short sterling positions n euro retreated to 1.1151 near New York close as eur/gbp cross fell from a fresh 3-month peak of 0.8839 to 0.8791.

Range trading is expected to continue ahead of European open and as long as this week's low at 1.1142 (Tuesday) holds, choppy trading with mild upside bias remains whilst break of May's 1.1135 trough would shift risk to the downside for re-test of 2019 22-month bottom at 1.1112 (April).
Bids are noted at 1.1150-1.1140 with stops below 1.1135 and there is market chatter of fairly large stops building up below 1.1100.
Offers are tipped at 1.1180/90 with stops above 1.1200.

Today is PMI day in the euro area countries, Germany will kick off with Q1 GDP, then France's bus. climate, Markit mfg and servcies PMIs, pay attention to release of the important Ifo business climate, current conditions n expectations indexes n lastly, EU's mfg and services PMIs.

Author

AceTrader Team

AceTrader

Led by world-renowned technical analyst Wilson Leung, we have a team of 7 analysts monitoring the market and updating our recommendations and commentaries 24 hours a day.

EUR/USD treads water above 1.1850 amid thin trading

EUR/USD stays defensive but holds 1.1850 amid quiet markets in the European hours on Monday. The US Dollar is struggling for direction due to thin liquidity conditions as US markets are closed in observance of Presidents' Day.

GBP/USD flat lines as traders await key UK and US macro data

GBP/USD kicks off a new week on a subdued note and oscillates in a narrow range near 1.365 in Monday's European trading. The mixed fundamental backdrop warrants some caution for aggressive traders as the market focus now shifts to this week's important releases from the UK and the US.

Gold slides below $5,000 amid USD uptick and positive risk tone; downside seems limited

Gold attracts fresh sellers at the start of a new week and reverses a part of Friday's strong move up of over $150 from sub-$4,900 levels. The commodity slides back below the $5,000 psychological mark during the Asian session, though the downside potential seems limited amid a combination of supporting factors.

Bitcoin, Ethereum and Ripple consolidate within key ranges as selling pressure eases

Bitcoin and Ethereum prices have been trading sideways within key ranges following the massive correction. Meanwhile, XRP recovers slightly, breaking above the key resistance zone. The top three cryptocurrencies hint at a potential short-term recovery, with momentum indicators showing fading bearish signs.

Global inflation watch: Signs of cooling services inflation

Realized inflation landed close to expectations in January, as negative base effects weighed on the annual rates. Remaining sticky inflation is largely explained by services, while tariff-driven goods inflation remains limited even in the US.

Ripple Price Forecast: XRP potential bottom could be in sight

Ripple edges up above the intraday low of $1.35 at the time of writing on Friday amid mixed price actions across the crypto market. The remittance token failed to hold support at $1.40 the previous day, reflecting risk-off sentiment amid a decline in retail and institutional sentiment.