EUR/USD: Daily Recommendations on major
|EUR/USD - 1.1673
Despite the single currency's fall to a near 2-month bottom at 1.1613 on Friday due usd's continued strength, subsequent strong rebound to 1.1679 suggests decline from September's 2-year peak at 1.2011 has made a temporary low there and consolidation with upside bias for gain to 1.1684/87, above would extend to 1.1718/21 before prospect of retreat later this week.
On the downside, only below 1.1643 would indicate aforesaid recovery has ended instead and turn outlook bearish for weakness to 1.1613.
Pay attention to the release of EU business climate, economic sentiment and consumer sentiment at 09:00GMT. Street forecasts are -1.38, 89.5 and -13.9 vs previous readings of -1.33, 87.7 and -13.9 respectively.
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