Daily Recommendations on Major - EUR/USD

AceTrader Team AceTrader

DAILY MARKET OUTLOOK on Major
Update Time: 31 Aug 2018 05:30 GMT

EUR/USD - 1.1672
Euro's decline to 1.1642 yesterday due to continued weakness in the Turkish lira confirms recent strong upmove has made a temporary top at Tuesday's fresh 4-week high at 1.1734 and despite subsequent recovery in New York afternoon on short covering, consolidation with downside bias remains for said erratic fall to head towards 1.1594, oversold condition should keep price above 1.1555.

On the upside, only above 1.1718 would risk re-test of 1.1734, then marginal gain to next daily chart obj. at 1.1750 before correction occurs on Mon due to loss of upward momentum.

Data out later on Friday :
UK Gfk consumer sentiment, France CPI, producer prices, Italy unemployment, consumer price, CPI, GDP, EU HICP.
U.S. producer prices, Chicago PMI, Michigan Consumer sentiment index, and Canada budget balance.

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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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