Daily Recommendations on Major -EUR/USD
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Update Time: 24 Nov 2017 05:50 GMT
EUR/USD - 1.1849
Euro's rally from this week's low at 1.1714 (Tue) to 1.1856 on the back of Wed's dovish Fed minutes and upbeat EZ data yesterday suggests re-test of November's 1.1861 would be forthcoming soon, break there would extend recent upmove to 1.1880 (October high), however, near term loss of upward momentum is likely to cap price at 1.1909.
On the downside, only a daily close below 1.1813 would prolong recent broad sideways swings and may risk stronger retracement to 1.1768/73 but 1.1714 should remain intact.
The Social Democrats (SPD) have governed in coalition under Merkel since 2013. But leader Martin Schulz said the party must heed the will of voters by going into opposition after achieving its worst result of the postwar period in the Sept. 24 election.
Pressure is growing on the party to revisit his decision, either by agreeing to prop up a conservative-led minority government by not voting against it, or by forming a renewed coalition.
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