EUR/USD - ...... Although the single currency gained respite in choppy Monday's trading after meeting renewed buying at Asian open one tick above last Friday's 7-month low at 1.0859 and rebounded, price hit session highs of 1.0900 following upbeat German n EU mfg PMIs.
However, renewed selling emerged pushed price lower, euro retreated to 1.0869 in New York after upbeat U.S. mfg PMI and then to 1.0868 at Asian open, suggesting intra-day downside bias remains for a re-test of 1.0859, then later towards daily chart obj. at 1.0821.
Offers are tipped at 1.0890/00 and more above with stops above 1.0920.
A mixture of bids and stops is touted near 1.0860, suggesting selling euro on recovery is recommended.
Although there is release of a slew of EZ data, market focus is the key German Ifo business climate (confidence) index, October forecast is 103.0 vs previous reading of 103.0.
If actual reading comes in at or below street forecast, then euro should come under renewed selling pressure.
Later today, ECB President Mario Draghi will speak at a forum on the topic "Stability, Equity and Monetary Policy" in Berlin at 15:30 GMT.
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Mon 27 May 2019 AAGB/US- Holiday Tue 28 May 2019 A 14:00 US- Consumer Confidence C 13:00 US- Case-Shiller Wed 29 May 2019 A 08:55 DE- Employment AA 18:00 US- BOC Decision A 18:30 US- EIA Crude Thu 30 Mar 2019 AAEZ/CH- Holiday A 12:30 US- Weekly Jobless Fri 31 Mar 2019 AA 10:00 EZ- Flash HICP A 12:30 US- Personal Income, Spending, Deflator AA 14:00 US- Final Univ of Michigan
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