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

AceTrader Team AceTrader

Intra-Day Market Moving News and Views
Update Time: 24 May 2019 03:00GMT

EUR/USD - 1.1182.. Although the single currency remained on the back foot in Euroepan morning on Thur due to weak key German Ifo data as well as downbeat ECB minutes, price briefly penetrated previous 2019 low at 1.1112 (April to a 2-year bottom at 1.1108 but lack of follow-through selling quickly lifted price. The pair then continued to climb strongly due to usd's broad-based weakness caused by initial selloff in U.S. stocks and falling U.S. treasury yields, price later rallied to session highs of 1.1187 before moving narrowly in New York afternoon trading.

Yesterday's impressive rally from 1.1108 suggests recent downtrend has made a temp. low and consolidation with upside bias is seen with stops above 1.1190/00 now in focus, break there would encourage for stronger retracement towards 1.1225.
Bis are noted at 1.1155-50 and more at 1.1135 with market chatter of fairly large stops below 1.1100.

After yesterday's data dump from the euro area countries, no economic data is due out today.

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