Daily Recommendations on Major - EUR/USD
|
Update Time: 13 Aug 2018 5:30 GMT
EUR/USD - 1.1378
Euro's initial breach below Friday's 1.1388 low to a 13-month trough at 1.1368 (New Zealand) due to renewed fall in the Turkish lira to fresh record lows suggests Medium Term downtrend would head to 1.1310/20 after consolidation, oversold condition is likely to prevent steep drop and risk has increased for a correction to occur.
A move above 1.1428 signals temp. bottom is made and yield stronger recovery, however, reckon 1.1481 should cap upside and yield another fall later today or tomorrow.
On the eco. data front, Italy is the only euro area country releasing July CPI, so all eyes are on the TRY during European morning.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.