EUR/USD: Daily Recommendations on major
|EUR/USD - 1.2144
Despite euro's retreat from Tuesday's fresh 10-week high of 1.2181, as long as 1.2124/28 sup holds, recent upmove would yield marginal gain after consolidation, 'loss of upward momentum' should cap price well below daily res at 1.2242 and risk has increased for a long-overdue correction to take place.
On the downside, a daily close below 1.2124 signals temporary top is in place, then outlook would turn bearish for weakness to 1.2054/58 later this week.
Data to be released on Wednesday:
New Zealand retail sales, Australia Westpac consumer sentiment, Japan coincident index, leading indicator.
Germany CPI, HICP, U.K. GDP, industrial output, manufacturing output, construction output, trade balance, NIESR GDP, France CPI, EU industrial production.
U.S. MBA mortgage, CPI, Federal budget.
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