EUR/USD: Daily recommendations on major
|EUR/USD - 1.1744
Euro's rebound from Thursday's 4-week trough at 1.1684 in Asia to as high as 1.1750 signals recent decline from September's 1.1908 peak has made a temporary low and consolidation with upside bias is seen, above Wednesday's post-FOMC high at 1.1755 would bring stronger retracement but reckon 1.1800 would cap upside.
On the downside, a daily close below 1.1701 suggests recovery is over, then price would be en route towards 2021 bottom at 1.1664 early next week.
On the data front, Italy will kick off with business n consumer confidence, then pay atttention to German Ofo business climate, current conditions n expectations.
We also have a no. of ECB members scheduled to speak, pls rrefer to our EI page for details.
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