EUR/USD: Daily recommendations on major
|EUR/USD - 1.2136
Euro's decline from 1.2183 to 1.2117 on weak German Ifo data yesterday suggests early correction from last Monday's 6-week bottom at 1.2055 has possibly ended at 1.2190 (Friday), a daily close below 1.2117 would add credence to this view and head back to 1.2077, then re-test of 1.2055 later this week.
On the upside, only above 1.2190 risks stronger retracement towards 1.2222 before prospect of decline due to loss of upward momentum.
After Monday's market-moving Ifo data, no eco. indicators are due out from the euro area countries today, traders will have to take cue from movements in Asian n European stocks plus U.S. stocks.
We have a number of ECB members scheduled to speak during the day, please refer to EI page for details.
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