EUR/USD: Daily recommendations on major
|EUR/USD - 1.1845
Although euro's intra-day brief break of Monday's fresh 3-month low at 1.1845 confirms recent decline from January's 1.2349 peak remains in progress, loss of near term downward momentum is likely to keep price above sup at 1.1800 and risk has increased for a much-needed correction to take place.
On the upside, only a daily close above 1.1894 (Friday's low, now res) needed to signal temporary bottom is made and yield stronger retracement to 1.1935/45 before prospect of another fall later.
The euro area countries will release a slew of eco. data, pls refer to our Economic Indicator page for details n pay attention to EU's Q4 GDP at 10:00GMT, a weaker-than-expected reading will weigh on recent falling single currency vs usd n sterling.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.