EUR/USD: Daily recommendations on major
|DAILY MARKET OUTLOOK on Major
Update Time: 05 Aug 2020 03:30GMT
EUR/USD - 1.1806
Despite the single currency's selloff from last Friday's fresh 2-year peak at 1.1908 to as low as 1.1697 on Monday, subsequent strong rebound to 1.1806 yesterday and intra-day break above this resistance suggests the 1st leg of correction has ended and consolidation with upside bias remains for gain to 1.1835/40, however, 1.1850 should remain intact and yield retreat.
On the downside, only below 1.1722 would revive bearishness for weakness to 1.1697, break would risk stronger retracement to 1.1680/83.
Pay attention to the release of EU retail sales mm and yy at 09:00GMT. Street forecasts are 5.9% and -0.5% vs previous readings of 17.8% and -5.1% respectively.
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