Daily Recommendations on Major - EUR/USD
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Update Time: 22 Aug 2019 05:30 GMT
EUR/USD - 1.1088
Although euro's rebound from Tuesday's 2-week low at 1.1066 to 1.1107 yesterday suggests recent decline from 1.1249 has made a temporary low and range trading is expected, as long as 1.1131 (previous sup, now res) holds, marginal weakness is likely, loss of downward momentum should keep price well above August's 2-year bottom at 1.1028 and yield strong retracement of aforesaid fall later.
Only above 1.1131 would risk stronger retracement to 1.1158/63 but reckon 1.1190 should remain intact.
On the data front, today is PMI day in the euro area countries, pay attention to release of France's Markit preliminary mfg and services PMIs, then the same from Germany and the EU.
Then ECB minutes at 12:30GMT and later consumer confidence at 14:00GMT. We also have ECB's ECB's Coeure, Lane and Lautenschlager speaking at the annual Jackson Hole symposium.
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