Daily Recommendations on Major - EUR/USD
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Update Time: 16 Jul 2019 05:30 GMT
EUR/USD - 1.1256
Although last week's rally from 1.1194 to 1.1285 (Thursday) signals recent decline has made a temporary low there, subsequent retreat to 1.1239 on Friday, then rebound to 1.1284 in Europe yesterday and weakness to 1.1254 in New York after upbeat U.S. data indicates further choppy sideways swings may continue before said upmove heads to 1.1311/21.
Only a daily close below 1.1239 risks weakness to 1.1208/12 and possibly re-test of 1.1194.
On the data front, Italy will kick off with trade balance, the Germany's ZEW eco. sentiment n current conditions, Italy's final CPI and followed by EU's trade balance n ZEW eco. sentiment. ECB member Villrroy will speak at financial conference in Paris at 07:00GMT where Fed chief J. Powell will also speak later at 17:00GMT.
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