EUR/USD: Daily recommendations on major
|DAILY MARKET OUTLOOK on Major
Update Time: 03 Apr 2020 03:30GMT
EUR/USD - 1.0840
Euro's anticipated resumption of decline from last week's 1.11477 high to Thursday's 1-week low of 1.0821 on renewed usd's strength due to safe-haven demand following blowout U.S. jobless claims suggests correction from March's near 3-year bottom at 1.0637 has ended.
As long as 1.0904 holds, further weakness towards 1.0786 is envisaged after consolidation, however, reckon 1.0747 should contain weakness. A daily close above 1.0904 would risk stronger retracement of aforesaid fall towards 1.0969 next Monday.
Today is PMI day in the euro area countries where Markit services and mfg PMIs for Mar will be released (see our EI page for details) and these readings will be very 'weak' in the aftermath of the coronavirus outbreak, so expect euro to come under renewed selling when data from Italy, France, Germany and the EU are released.
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