Intra-Day Market Moving News and Views
Update Time: 20 Nov 2020 05:30GMT
EUR/USD - 1.1871... The single currency went through a volatile session on Thursday. Although euro rebounded from 1.1833 at Asian open to 1.1852 at European open, price dropped to 1.1817 on active safe-haven usd buying. However, the pair erased intra-day losses and rallied to 1.1882 near New York close as U.S. Democrats and Republicans agreed to resume Covid-19 relief talks before weakening to 1.1866 in Australia today on profit-taking but then recovered to 1.1878 in Asian morning.
Despite euro's erratic fall from Tuesday's 1-week high at 1.1893 to 1.1817 yesterday, subsequent rise to 1.1882 suggests re-test of November's 7-week peak at 1.1919 would be seen after consolidation, where break would extend recent upmove from November's 3-month trough at 1.1603 to 1.1935/40 before prospect of retreat due to loss of upward momentum.
Bids are noted at 1.1870-65 with move below and stops below 1.1830 while offers are tipped at 1.1900/10 with stops above 1.1940/50.
On the data front, only Italy will release industrial orders and industrial sales at 09:00 GMT. Also, market focus will be at 08:00 GMT, where ECB President Christine Lagarde will speak at the online Frankfurt European Banking Congress, followed by German Finance Minister Olaf Scholz and European Commission Vice President Frans Timmermans. Traders should also keep an eye out for any U.S. stimulus talks related headlines.
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