Daily Recommendations on Major - EUR/USD
|
Update Time: 11 Jan 2019 05:30 GMT
EUR/USD - 1.1519
Despite yesterday's initial marginal gain above previous high to an 11-week peak of 1.1570 in Asia, subsequent stronger-than-expected decline due to broad-based profit taking in euro to a low as 1.1485 in New York afternoon following mildly hawkish comments by Fed's J. Powell suggests recent upmove has made a temporary top and intra-day rebound would yield range trading.
Below 1.1485 would bring stronger retracement of recent rise from 1.1216 (November) towards 1.1440 whilst above 1.1545 may bring re-test of 1.1570 but break there needed to revive bullishness for resumption of upmove towards 1.1621 next week.
Data to be released on Friday :
Australia AIG construction index, retail sales, New Zealand building permits, Japan household spending, current account, trade balance, Eco. Watchers outlook, Eco. Watchers current.
Italy industrial output, UK GDP, industrial output, manufacturing output, construction output, goods trade balance, trade balance, NIESR GDP estimate, EU ZEW economic sentiment.
U.S. CPI, real weekly earnings, trade balance, Federal budget.
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.