Daily Recommendations on Major - EUR/USD

AceTrader Team AceTrader

DAILY MARKET OUTLOOK on Major
Update Time: 12 Aug 2017 05:50 GMT

EUR/USD - 1.1954
Yesterday's weakness to 1.1948 and then daily close below last Friday's 1.2016 low confirms medium-term uptrend has indeed formed a temporary top at 1.2093 and consolidation with downside bias remains for weakness towards 1.1903, near term oversold condition should keep price above 1.1850.

On the upside, only above 1.2016 signal 1st leg of correction is over but 1.3059 should cap upside and yield another decline later this week.

Data to be released on Tuesday:
Francs nonfarm payrolls, U.K. DCLG house price index, CPI, RPI, PPI input, PPI output, and U.S. redbook, JOLTS job openings.

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AceTrader Team

AceTrader

Led by world-renowned technical analyst Wilson Leung, we have a team of 7 analysts monitoring the market and updating our recommendations and commentaries 24 hours a day.

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