DAILY MARKET OUTLOOK on Major
Update Time: 18 Jan 2018 05:30 GMT
EUR/USD - 1.2236
Despite yesterday's initial marginal weakness to 1.2166 (Australia), euro's subsequent rally back to 1.2265 in New York suggests early pullback from Wednesday's fresh 3-year peak at 1.2323 has ended and consolidation with upside bias is in store, above 1.2287/97 res would encourage for re-test of 1.3223.
However, loss of upwards momentum should cap price at 1.2365/70 and risk has increased for a stronger correction to take place.
Below 1.2195/00 would 'prolong' choppy sideways swings below 1.2323 and yields re-test of 1.2166, a break there would bring weakness towards 1.2115/20.
On the data front, Germany will release PPI and then EU will release current account data.
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