Daily Recommendations on Major -EUR/USD
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Update Time: 12 Oct 2017 03:25 GMT
EUR/USD - 1.1859
Euro's resumption of upmove from last Fri's near 7-week bottom at 1.1670 and then yesterday's daily close above res at 1.1833 suggests early correction from 1.2093 (September) has possibly ended and consolidation with upside bias remains for further gain, loss of upward momentum should cap price below 1.1931 (61.8% r from 1.2093) today.
On the downside, only below 1.1796 sup signals temporary top is made, however, reckon 1.1763 sup would contain weakness.
On the eco. data front, France will release CPI, then EU's industrial production. Pay attention to speeches by a line of ECB officials who are attending several conferences in Washington D.C. ECB's Draghi will speak at 14:30GMT, then ECB's Praet at the same time (diff. venue), ECB's Coeure at 19:45GMT n then ECB's Lautenschlager at 20:10GMT.
The 2017 Annual Meetings of the World Bank Group and the International Monetary Fund will take place between Oct 13-15 in Washington, D.C., so expect lots of breaking news on comments by various senior officials.
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