DAILY MARKET OUTLOOK on Major
Update Time: 22 Jun 2018 5:30 GMT
EUR/USD - 1.1612
Despite yesterday's falling one tick below May's 1.1510 low to an 11-month trough of 1.1509 in Europe, subsequent cable-led rally above 1.1600 to 1.1634 in New York suggests recent downtrend has made a temp. bottom and consolidation with upside bias is in store, a daily close above 1.1645 would bring stronger retracement to 1.1726 next week.
On the downside, only below 1.1531 may risk re-test of 1.1509/10 but only break of 1.1500 would extend recent decline to 1.1455/65 later.
Today is PMI day in the euro zone, France will kick off with Markit mfg and services PMIs, then the same from Germany and the EU.
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