EUR/USD: Daily recommendations on major
|EUR/USD - 1.1810
Despite euro's resumption of upmove from last Wednesday's 3-month trough at 1.1603 to a 7-week high at 1.1919 on Monday, subsequent fall to 1.1746 on Wednesday suggests first leg of correction has ended and yesterday's rebound to 1.1823 may head to 1.1835/45 before prospect of another decline but 1.1724 (61.8% r) should hold.
On the upside, only above 1.1859 would risk gain to 1.1885/90, break, 1.1919 again.
On the data front, euro zone will release a slew of data with focus on EU GDP QQ/YY at 10:00 GMT, street forecasts are for 12.7%/-4.3%, which are unchanged from previous readings. We also have a few ECB officials scheduled to speak, please refer to our EI page for more details.
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