EUR/USD: Daily recommendations on major
|EUR/USD - 1.2014
Euro's brief break of Wednesday's 1.1999 low to 1.1994 Thursday in post-ECB New York strongly suggests recent upmove from March's 4-1/2 month bottom at 1.1705 has made a temporary at 1.2079 (Tuesday) and consolidation with downside bias is in store for further weakness, near term oversold condition is likely to keep price above this week's trough at 1.1943 (Monday) and bring recovery.
On the upside, only above 1.2069 (New York high) risks re-test of 1.2079 but loss of upward momentum should cap price below daily res at 1.2112.
Today is PMI day in the euro area countries, please refer to our EI page for details n pay attention to Germany's n the EU's Markit mfg n services PMIs at 07:30GMT n 08:00GMT respectively, if actual readings come in lower than street forecast, then expect euro to come under renewed selling pressure.
ECB President Lagarde will participate in the panel on climate change organised by Mike Bloomberg at 14:30GMT.
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