EUR/USD: Daily recommendations on major
|EUR/USD - 1.1924
Despite yesterday's retreat from European 11-week high at 1.1929 to 1.1833, subsequent strong rebound to 1.1926 in New York suggests pullback has ended and recent upmove from November's 1.1603 trough would resume after consolidation and head to 1.1960/65 before prospect of retreat due to overbought condition.
On the downside, only below 1.1883 would indicate temporary top is made and risks weakness to 1.1842/47, break, 1.1800.
On the data front, Germany will release GfK consumer sentiment at 07:00 GMT, with street forecasts at -5.0, versus previous readings of -3.1. Also, we have ECB's executive board member Philip Lane scheduled to speak at 12:00 GMT followed by ECB board member Isabel Schnabel at 13:00 GMT.
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