Intra-Day News and Views & data to be released today - EUR/USD

AceTrader Team AceTrader

Intra-Day Market Moving News and Views
Update Time: 26Aug 2019 03:00GMT

EUR/USD - 1.1146.. The single currency pared intra-day gain n retreated from Monday's 12-day high of 1.1164 (Australia) to 1.1137 in early Asian trading. Although price extended Friday's rally n climbed briefly above New York high at 1.1153 to 1.1164 due to initial selloff in usd/yen and usd/chf, intra-day rebound in usd/yen quickly knocked price lower, suggesting range trading is in store ahead of European open.

As euro's impressive rally from 1.1052 to 1.1153 due to usd's broad-based weakness on Friday suggests further choppy trading above August's 26-month bottom at 1.1052 would continue, outlook remains supportive for price to head to 1.1180/90 after consolidation but overbought condition is likely to cap euro at 1.1220/30 today.
Bids are noted at 1.1130-20 with stops touted below 1.1110.
Offers are tipped at 1.1160/70 with stops above 1.1190.

Today is the final day of the 3-day G7 leaders' summit in France.
On the data front, pay attention to release of key German Ifo business climate, current conditions and expectations, street forecasts are looking for weaker readings from previous readings due to recent recessions fears in Germany, however, euro bulls should buy eur/usd on dips.

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AceTrader Team

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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.

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