Intra-day market moving news and views
Update Time: 28 July 2021 05:30GMT.
EUR/USD - 1.1823.. Euro pares Tue's gain n inched lower initially to 1.1813 in Asia morning. Despite y'day's initial fall fm 1.1812 at Asian open to 1.1771 on cross-selling in euro, the single currency caught a bid at NY open n rallied to 1.1841 in New York on broad-based short covering.
Although Tue's brief break of last week's 1.1830 top to an 11-day peak of 1.1841 suggests recent decline has made a temp. low at last Wed's fresh 3-1/2 month trough of 1.1753, a daily close above 1.1850 res needed to bring stronger correction to 1.1880/90 (Fed's dovish hold perhaps). On the downside, below 1.1800/02 would be 1st signal retracement is over n head back to 1.1771, then 1.1753. Offers are tipped at 1.1730/40 with stops abv 1.1850 while bids are tipped at 1.1810/00 with some stops below there.
Ahead of the key FOMC announcement, we have a slew of European data due out in European morning, pls refer to our EI page for details n pay attention to Germany's Gfk consumer sentiment at European open.
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