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Thursday, May 23, 2019

EUR/USD: Range trading is expected to continue

EUR/USD - 1.1150.. Euro continues to move in familiar territory in directionless trading yesterday as sterling stole the limelight due to political turmoil in the U.K. and swung wildly in European morning as well as New York session. 

Although euro caught a light bids in European morning n staged a rebound from 1.1148 to session highs of 1.1180 shortly after New York open, intra-day rebound in cable triggered broad based unwinding in short sterling positions n euro retreated to 1.1151 near New York close as eur/gbp cross fell from a fresh 3-month peak of 0.8839 to 0.8791. 

Range trading is expected to continue ahead of European open and as long as this week's low at 1.1142 (Tuesday) holds, choppy trading with mild upside bias remains whilst break of May's 1.1135 trough would shift risk to the downside for re-test of 2019 22-month bottom at 1.1112 (April). 
Bids are noted at 1.1150-1.1140 with stops below 1.1135 and there is market chatter of fairly large stops building up below 1.1100. 
Offers are tipped at 1.1180/90 with stops above 1.1200. 

Today is PMI day in the euro area countries, Germany will kick off with Q1 GDP, then France's bus. climate, Markit mfg and servcies PMIs, pay attention to release of the important Ifo business climate, current conditions n expectations indexes n lastly, EU's mfg and services PMIs. 

     Posted By
GreenForexClub

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