Daily Recommendations on Major - EUR/USD

AceTrader Team AceTrader

DAILY MARKET OUTLOOK on Major
Update Time: 15 Oct 2018 05:30 GMT

EUR/USD - 1.1552
Friday's decline from 1.1610 to 1.1535 due to renewed market concerns of Italy's budget deficit and Brexit talks suggests corrective rise from last week's low at 1.1432 has made a top there and consolidation with downside bias remains for weakness to 1.1515, however, only a daily close below 1.1480 sup would bring re-test of 1.1432 later this week.

On the upside, only above 1.1585 would suggest pullback is possibly over and risks gain towards 1.1610 but break there needed to extend said upmove towards 1.1629.

Although no eco. data is due out from the euro area countries, today is the deadline for Italy's budget, so expect fireworks if Italy sticks to its high debt to GDP budget plan.

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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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