Euro continues to trade with a soft tone in Asian session, and there is no sign of recovery after yesterday’s post ECB selloff. Australian Dollar is also weak after poor PMI data, even though markets are pushing RBA cut bets from February to April. On the other hand, market concerns over coroanvirus outbreak is somewhat supporting the greenback for now. Over the week, though, Sterling is the strongest followed by Yen. Canadian is the weakest followed by Aussie.

Technically, Euro, Sterling will be the focuses in European session, with important economic data scheduled. EUR/USD is on track to test 1.0981 support. Firm break there would pave the way to retest 1.0879 low later in the month. EUR/JPY might have a take on 120.17 support. Break will be a strong sign of near term bearish reversal. EUR/GBP could take the lead to retest 0.8276 support. GBP/JPY is neutral, stuck in range of 142.80/144.52. A breakout could be seen today.

In Asia, Nikkei rose 0.13%. Hong Kong HSI is up 0.15%. China market is closed. Singapore Strait Times is up 0.17%. Japan 10-year JGB yield is up 0.0025 to -0.021. Overnight, DOW dropped -0.09%. S&P 500 rose 0.11%. NASDAQ rose 0.20%. 10-year yield dropped -0.029 to 1.740.

Source: www.actionforex.com