EUR/USD: Daily recommendations on major
|EUR/USD - 1.2140
Although euro's intra-day retreat from Mon's 10-week peak of 1.2177 to 1.2128 in New York session due to rise in U.S. yields suggests recent upmove has made a temporary top, as long as 1.2090 holds, outlook remains mildly bullish for marginal gain, loss of upward momentum should cap price well below daily pivotal res at 1.2242 and yield a long-overdue correction.
Below 1.2090 anytime confirms temporary top is in place, then risk would shift to downside for stronger retracement to 1.2054/59 before prospect of rebound later this week.
Data to be released on Tuesday:
Japan all household spending, China PPI, CPI,
U.K. BRC retail sales, Italy industrial output, Germany wholesale price index, ZEW economic sentiment, current conditions, EU ZEW survey expectation.
Canada leading index, U.S. redbook, JOLTS job openings.
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.