EUR/USD: Daily recommendations on major
|EUR/USD - 1.2078
Euro's intra-day selloff in New York session Wednesday from 1.2152 to as low as 1.2066 after volatile swings following release of upbeat U.S. inflation data suggests recent erratic rise from 1.1705 (March) has made a temporary top at Tuesday's 10-week peak at 1.2181 and downside bias remains for further weakness, the oversold condition is expected to keep price well above May's bottom at 1.1987.
Only a daily close above 1.2116 signals 1st leg of correction is over and may risk gain to 1.2140/50 before prospect of another fall.
Data to be released on Thursday:
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, GDP, NIESR GDP, France CPI, EU industrial production.
US MBA mortgage, CPI, Federal budget.
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