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

AceTrader Team AceTrader

Intra-Day Market Moving News and Views

Update Time: 18 Feb 2020 04:30GMT

EUR/USD - 1.0828... Despite rebounding to 1.0850 in holiday-thinned trading yesterday, the single currency met renewed selling below previous resistance at 1.0861 and retreated to 1.0830. The pair then broke through last Friday's near 3-year trough at 1.0828 to 1.0824 in Asian morning on concerns over eurozone's growth. However, lack of follow-through selling triggered short-covering and price recovered to 1.0829.

Euro's intra-day break of last Friday's low at 1.0828 signals medium-term decline has once again resumed and further weakness to 1.0780/90 would be seen after consolidation.
Offers are now lowered to 1.0840/50 and more above at 1.0850/60 with stops building up above there whilst initial bids are noted at 1.0770/80.

Market focus is on the release of German ZEW economic sentiment and current conditions at 10:00GMT.
Street forecasts are for a drop to 21.5 and -10.3 vs previous readings of 26.7 and -9.5 respectively.

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