DAILY MARKET OUTLOOK on Major
Update Time: 19 May 2017 01:40 GMT
EUR/USD - 1.1106
Despite yesterday's stronger-than-expected decline from a fresh 6-month peak made in Asia at 1.1172 to 1.1076 in New York due to broad-based recovery in the usd, subsequent rebound suggests consolidation with upside bias is in store, above 1.1140/45 would signal pullback is over and bring subsequent re-test of 1.1172.
Only a daily close below 1.1076 would bring stronger correction of recent uptrend and yield weakness towards 1.1024 before prospect of a recovery.
Data to be released on Friday:
France unemployment, Germany PPI, EU current account, consumer sentiment, UK CPI trends and Canada retail sales.
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