EUR/USD: EUR edges nears 1.11 on technicals – Scotiabank
German Factory Orders rose 2.9% in July—a amazing admire which followed an upwardly revised upward thrust of 4.6% for June.
Intraday chart is leaning honest a tiny extra EUR-bullish
“It’s a rare piece of apt news for the economy which has proven indicators of losing momentum honest these days. Orders data are unstable, nonetheless, and broader economic traits, reflected in fresh surveys are clearly soft.”
“That isn’t very subduing the EUR apt now, nonetheless. Short term volatility is agency and quiz for EUR bullish constructions is reflected in the soar in 1 week possibility reversal pricing (0.3975 vol top rate for calls).”
“Equal concerns apply to the EUR’s technical outlook. Restricted glide is probably going before Friday morning however the image on the intraday chart is leaning honest a tiny extra EUR-bullish. Solid beneficial properties the day long past by took the EUR above non everlasting retracement resistance and target extra beneficial properties to the 1.1120/40 location. Toughen is 1.1070.”
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