Daily Recommendations on Major - EUR/USD
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Update Time: 14 Nov 2018 06:30 GMT
EUR/USD - 1.1304
Euro's intra-day break above yesterday's 1.1294 (New York) to 1.1320 in Australia suggests recent downtrend has made a temporary bottom at Monday's 16-month bottom at 1.1216 and as long as 1.1253 (New York low) holds, stronger gain to 1.1332 is envisaged.
However, near term overbought condition should cap price at previous res area at 1.1360/69 and yield decline later today or tomorrow.
On the downside, below 1.1253 anytime signals correction is over, then euro will be en route towards next downside retracement target at 1.1187.
On the data front, the euro area countries will release a slew of data starting with Germany's flash GDP, France's final CPI, EU's employment change, GDP and industrial production. ECB Board member Weidmann will deliver a speech on economic challenges in Berlin at 08:30GMT.
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