EUR/USD: Daily recommendations on major
|EUR/USD - 1.0581
Euro's rally from June's 1-month bottom at 1.0360 to as high as 1.0605 last Wednesday, then to a 2-week high at 1.0614 in New York on broad-based USD's retreat suggests further choppy trading above May's 5-year trough at 1.0350 would continue, as long as 1.0555 holds, marginal gain would be seen and above 1.0614 would head to 1.0640/45 but 1.0661 should hold.
On the downside, only below 1.0515 would signal said recovery over and weakness towards 1.0484, then 1.0470 would be seen.
Data to be released on Tuesday
Germany Gfk consumer sentiment, France consumer confidence, Italy industrial sales.
U.S. goods trade balance, wholesale inventories, redbook, monthly home price, consumer confidence and Richmond Fed manufacturing.
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