Market Moving News: EUR/USD - Aug 26

By @ibtimes on

EUR/USD - 1.2708.. Despite initial sideways trading in Asian morning, the euro rose on steady buying vs usd, yen & swiss franc. Price hits an intra-day high of 1.2719 n has eased. As indicated, stealth sellers were reported selling euro aggressively in last 2 days when price climbed to 1.2720/30 n stops are building abv there. On the downside, bids have been raised to 1.2680 n more at 1.2660-50, suggesting consolidation with upside bias remains. Y'day's upbeat German IFO business confidence had lifted euro sharply higher, so watch out if the upcoming Germany's GfK Consumer Confidence index, if higher than expected, will push euro outside its recent trading range or not - lets wait n see, shall we.

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