Daily Recommendations on Major -EUR/USD
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Update Time: 14 Feb 2018 05:30 GMT
EUR/USD - 1.2358
Yesterday's yen-led rally above 1.2314 to 1.2371 in New York signals euro's recent correction from January's 3-year peak at 1.2538 has possibly ended and consolidation with upside bias is seen, near term loss of upward momentum is expected to cap price at 1.2434 and bring subsequent retreat.
On the downside, expect 1.2314 to and yield marginal gain and only a daily close below there risks stronger retracement towards 1.2285 before prospect of another rise.
Today is GDP day in the euro area counties, Germany will kick off with GDP, CPI, then Italy's GDP, the same from the EU n industrial production. Also, there is quite a no. of ECB members n European officials delivering speeches during the day, please refer to our Economic Indicators page for details.
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