EUR/USD: Daily recommendations on major
|EUR/USD - 1.1628
Yesterday's retreat from 1.1667 to 1.1620 (New York) suggests further sideways swings below Tuesday's near 3-week high at 1.1669 would continue, as long as 1.1617 (Wednesday's reaction low) holds, outlook remains mildly bullish for corrective rise from October's 1.1525 bottom to head towards 1.1703 before prospect of decline early next week.
On the downside, only a daily close below 1.1609 signals top is made and yields stronger retracement towards 1.1572.
Today is PMI day in the euro area countries, France will kick off with Markt mfg and servcies PMIs, then the same from Germany n the EU.
Pay attention to German n EU PMIs, if readings are sofyer than street forecasts, then euro will come under renewed selling pressure.
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