Daily Recommendations on Major -EUR/USD

  DAILY MARKET OUTLOOK on Major 
Update Time: 17 Apr 2018  05:30 GMT

EUR/USD - 1.2387
Euro's intra-day rally from 1.2324 (Asia) to 1.2395 in New York on Monday due to usd's broad-based weakness suggests early pullback from last week's high at 1.2397 has ended at 1.2300 (Thursday) and gain to 1.2440/45 is envisaged after consolidation.
Overbought readings on hourly indicators should cap price below March's peak at 1.2477.

Only below 1.2324 prolongs choppy consolidation and may risk weakness towards 1.2300.

On the data front, Italy will kick off with final CPI, Germany's will release ZEW eco. sentiment n current conditions, then EU's ZEW eco. sentiment and finally Italy's trade balance. German FinMin Scholz will speak at 0830GMT.

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