Euro is nursing loss in subdued Asian morning

AceTrader Team AceTrader

EUR/USD - 1.1296.. Euro is nursing loss in subdued Asian morning after Wed's selloff from 1.1343 (Europe) to 1.1283. Despite yesterday's intra-day firmness, failure to re-test last Friday's 10-week peak at 1.1347 triggered profit taking and intra-day decline accelerated as the greenback caught a bid in New York trading, knocking the pair sharply lower.

Yesterday's decline suggests further choppy trading below Jun's 1.1347 high would continue with downside bias, offers are tipped at 1.1300/10 with stops above 1.1330.
Some bids are noted at 1.1285-80 and more below with stops touted below 1.1250.

ON the data front, Germany will release final CPI and final HICP and then EU's indurtial production.
The Eurogroup meets in Bressels today, ECB's Draghi and Coeure will participate in this meeting.

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