Intra-Day Market Moving News and Views -EUR/USD
|Intra-Day Market Moving News and Views
31 Aug 2018 03:30GMT
EUR/USD - 1.1671.. The euro moves narrowly in subdued Asian morning on Friday after yesterday's volatile swings.
Despite erratic rise to 1.1718 in European morning, euro ratcheted lower on renewed weakness in the Turkish lira, price fell on selling in eur/yen, eur/gbp and eur/chf cross trading to session lows of 1.1642 at New York midday before staging a recovery to 1.1678 on short covering.
Despite intra-day sideways move, as decline from Tuesday's 4-week peak at 1.1734 to 1.1642 signals recent strong upmove has made a temp. top there, choppy consolidation with downside bias is in store esp. if the Try weakens further during European morning, so trading the single currency from short side in anticipation of another leg of decline is favoured.
Offers are tipped at 1.1675/80 and more above with stops above 1.1700, more stops are reported above 1.1735.
Bids are noted at 1.1650-40 with stops below 1.1640.
The euro are countries will release a slew of eco. data, please refer to our EI section for details.
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