EUR/USD: Daily recommendations on major
|EUR/USD - 1.1774
Yesterday's resumption of recent downtrend to a fresh 4-month low at 1.1762 (New York) suggests euro would remain under pressure and yield further weakness after initial consolidation, however, oversold condition is likely to keep price above 1.1710/15 and risk has increased for a minor correction to occur later today or Monday.
On the upside, only a daily close above 1.1827 (Thursday high) signals temporary bottom is made and yields stronger retracement to 1.1850 but reckon 1.1870/75 should cap upside.
The euro area countries will release a slew of eco. data in European morning, pay attention to key German Ifo business climate, street forecast for Mar is 93.2 vs prev. reading of 92.4, a lower than expected reading will triffer renewed euro selling.
The European Council will hold a meeting today n ECB President Lagarde will participate in the Euro Summi
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