Intra-Day Market Moving News and Views

Update Time: 31 July 2020 05:30GMT

EUR/USD - 1.1893... Although the single currency dropped to 1.1732 in European morning yesterday due partly to cross-selling of euro especially vs sterling, price erased its losses and gained to 1.1809 in New York morning on the back of poor U.S. GDP data, then rallied to 1.1848 near New York closing on usd's broad-based weakness. The pair easily penetrated this level in Asia and rose to a 25-month peak at 1.1904 in Asian morning and continues to trade with a firm undertone.

Intra-day rise above yesterday's high at 1.1848 signals Medium Term upmove from 1.0637 (March) remains in progress and further gain to 1.1920/30 would be seen before prospect of correction.
Bids are now seen at 1.1950/60 and more below at 1.1930/40 with stops building up below there whilst initial offers are noted at 1.1940/50.

Pay attention to the release of EU GDP yy and qq for the 2nd quarter. Street forecasts are -14.5% and -12.0% vs previous readings of -3.1% and -3.6% respectively.

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