Daily Recommendations on Major - EUR/USD
|DAILY MARKET OUTLOOK on Major
Update Time: 20 May 2019 05:30 GMT
EUR/USD - 1.1166
Euro's resumption of decline from last week's 1.1265 high (Mon) to an 11-day trough of 1.1155 on Friday due to usd's strength after upbeat U.S. consumer confidence suggests downside bias remains, however, as price is likely to remain confined inside recent broad range of 1.1265-1.1135, only below lower level would yield re-test of April's 22-month bottom at 1.1112.
On the upside, above 1.1200 would add credence to consolidative outlook and would head back to 1.1225, then later 1.1241/46.
On the data front, Germany will kick off with PPI, then the EU will release current account. ECB's Chief Economist will speak at an event in London at 08:00GMT n Germany's ECONMIN Altmaier will speak at an economic forum in Brandenburg at 11:30GMT.
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