Daily Recommendations on Major -EUR/USD
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Update Time: 17 May 2018 05:30 GMT
EUR/USD - 1.1810
Despite yesterday's resumption of recent downtrend to a 5-1/2 month trough of 1.1763 due to market concerns after future Italian govt. had asked for a huge debt forgiveness from the ECB, subsequent rebound on usd's broad-based retreat should bring consolidation, as long as 1.1875 holds, one more fall is still envisaged but reckon daily sup at 1.1718 should remain intact this week.
A daily close above 1.1875 confirms temporary low is in place and risk would increase for a stronger retracement towards 1.1938 later.
The euro area countries will relesase a slew of eco. data staring with Italy's trade balance, then the same from the EU, EU construction output. The out-going ECB Vice President will be making speaking in Frankfurt at 10:30GMT n then 12:00GMT.
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