Daily Recommendations on Major -EUR/USD
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Update Time: 16 Jan 2018 05:30 GMT
EUR/USD - 1.2262
Despite yesterday's resumption of last week's strong ascent to a 3-year high of 1.2297 in European morning, subsequent sideways swings in holiday-thinned North American session due to U.S. market holiday suggests initial range trading would be seen before recent uptrend resumes, weakening of near term upward momentum is likely to cap price at 1.2365/70.
On the downside, only a daily close below 1.2218 (Friday's high, now sup) confirms temporary top is made and risks stronger retracement towards 1.2188.
Data to be released on Tuesday:
New Zealand business confidence, electronic retail sales, Japan corporate goods price index, Germany CPI, HICP, wholesale price index, France budget balance, Italy trade balance, CPI, U.K. DCLG house price, CPI, RPI, PPI, Italy CPI, and U.S. New York Fed manufacturing.
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