Intra-Day market moving news and views
Update Time: 26 Oct2021 05:30GMT.
EUR/USD - 1.1601.. Euro is nursing losses in subdued Asian morning after Mon's decline from 1.1664 (Asia), intra-day fall accelerated in European trading after soft German Ifo data n then downbeat Bundesbank monthly report which forecast German growth to slow sharply in final months of 2021, the single currency later tumbled to a 6-day low of 1.1591 shortly after New York open n staged a modest bounce to 1.1616 on short covering.
As Monday's selloff below previous 1.1617 sup to 1.1591 signals recent corrective rise from October's 14-month trough at 1.1525 has ended last week at 1.1669 (Tuesday), downside bias remains for weakness to 1.1580 (61.8% r), break would add credence to this view and yield weakness towards 1.1525 ahead of Thursday's ECB meeting where market is anticipating a dovish hold by the ECB.
Offers are tipped at 1.1610/20 and more above while some bids are noted at 1.1595/90 with stops below there, more stops are touted below 1.1570.
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