EUR/USD: Daily recommendations on major
|DAILY MARKET OUTLOOK on Major
Update Time: 14 July 2020 03:30GMT
EUR/USD - 1.1342
The single currency's rally to 1.1371 last Thursday and then marginally higher to 1.1374 yesterday suggests erratic upmove from 1.1169 (June) has resumed and subsequent retreat would yield range trading before prospect of another rise, however, June's 3-month peak at 1.1422 should hold on first testing and yield pullback later.
On the downside, only below 1.1302 would indicate a temporary top has been made instead and risk stronger weakness to 1.1256/60.
There is a slew of economic data to be released from the eurozone today but one should pay particular attention to Germany's ZEW economic sentiment and economic conditions at 09:00GMT. Street forecasts are 60.0 and -65.0 vs previous readings of 63.4 and -83.1 respectively.
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