Daily Recommendations on Major - EUR/USD

AceTrader Team AceTrader

DAILY MARKET OUTLOOK on Major
Update Time: 13 Aug 2018 5:30 GMT

EUR/USD - 1.1378
Euro's initial breach below Friday's 1.1388 low to a 13-month trough at 1.1368 (New Zealand) due to renewed fall in the Turkish lira to fresh record lows suggests Medium Term downtrend would head to 1.1310/20 after consolidation, oversold condition is likely to prevent steep drop and risk has increased for a correction to occur.

A move above 1.1428 signals temp. bottom is made and yield stronger recovery, however, reckon 1.1481 should cap upside and yield another fall later today or tomorrow.

On the eco. data front, Italy is the only euro area country releasing July CPI, so all eyes are on the TRY during European morning.

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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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