Intra-Day Market Moving News and Views
Update Time: 13 Feb 2020 04:30GMT
EUR/USD - 1.0872.. Euro languishes near y'day's 3-week trough of 1.0866 in subdued Asian trading. Despite intra-day cable-led recovery to 1.0925 in European morning, sellers quickly emerged and price edged lower, then intra-day fall accelerated in New York morning to 1.0866 after tripping stops below 2019 trough at 1.0880.
The fact that euro is unable to stage a recovery in Asia suggests price would remain on the back foot n is en route to next chart obj. at 1.0840 (2017 low) after consolidation. Therefore, trading the single currency across the board is the way to go but oversold condition is expected to keep price above 1.0800.
Offers have been lowered to 1.0880/90 with some stops above 1.0900 while bids (profit taking) are touted at 1.0850-40.
The euro area countries will release a slew of eco. data starting with France's unemployment, then Germany's CPI n HICP plus EU's economic growth forecast. We also have a number of ECB officials scheduled to speak during the day, pls refer to our EI page for details.
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