Daily Recommendations on Major - EUR/USD
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Update Time: 28 Jul 2018 5:30 GMT
EUR/USD - 1.1691
Although euro's resumption of recent upmove to a near 4-week high of 1.1693 (New York) due to broad-based usd's weakness as easing of trade tensions had boosted risk appetite suggests marginal gain would be seen after consolidation, overbought condition should cap price below 1.1700 (August's high) and bring a much-needed minor correction later today.
Below 1.1640/50 (prev. res, now sup) anytime signals temporary top is made and yields stronger retracement to 1.1590/94.
The euro area countries will release a slew of eco. data starting with France's consumer confidence, then Italy's bus confidence, consumer confidence and PPI.
Pay attention to speech by ECB Chief Economist Praet which will participate in a panel on "monetary and macroprudential policy interactions" at a congress in Germany at 11:00GMT.
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