DAILY MARKET OUTLOOK on Major
Update Time: 20 Feb 2018 05:30 GMT
EUR/USD - 1.2406
Although euro's anticipated decline from last Friday's fresh 3-year peak at 1.2555 to 1.2269 in holiday-thinned North American morning Monday confirms recent uptrend has made a top there, subsequent short-covering rebound would bring consolidation before prospect of marginal weakness, loss of near term downward momentum would keep price above 1.2320/25.
On the upside, only a daily close above 1.2460 signals 1st leg of correction is over and may risk stronger retracement to 1.2485/95 before another fall later this week.
Euro area countries will release some data during European morning starting with Germany's PPI, Germany's ZEW eco. sentiment and current situation survey and EU's ZEW eco. sentiment. Out-going ECB VP Constancio will participate in ECOFIN meeting in Brussels today.
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