Daily Recommendations on Major - EUR/USD

Update Time: 12 Oct 2018 05:30 GMT

EUR/USD - 1.1597
As euro has risen again in Asia today after intra-day brief but strong retreat from Thursday's 9-day high of 1.1599 to 1.1546 in New York, suggesting 'erratic' upmove from Tuesday's fresh 7-week trough at 1.1432 would head to 1.1629 after consolidation, loss of upward momentum is likely to cap price below 1.1651 today.

On the downside, a firm break of 1.1546 would be the 1st signal first leg of correction from 1.1432 over and risks stronger retracement to 1.1515 but 1.1480 should remain intact.

On the data front, Germany will release final CPI n HICP, the EU's industrial production. G20 FinMin and EU cenbank governors are attending the 2-day IMF World Forum in Bali.

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