DAILY MARKET OUTLOOK on Major
Update Time: 22 May 2019 05:30 GMT

EUR/USD - 1.1165
Despite falling to a marginal 2-week low of 1.1142 (Europe), euro's intra-day cable-led brief bounce to 1.1188 in New York suggests price would 'gyrate' inside recent 1.1265-1.1135 broad range and a daily close above said Tuesday's high would add credence to this consolidative view and would head back to 1.1265, however, reckon 1.1265 would cap upside.

Below 1.1135 any time would risk re-test of April's 22-month bottom at 1.1112, break there would extend Medium Term downtrend to 1.1060/70 later this week.

Data to be released on Wednesday :
New Zealand retail sales, Japan machinery orders, exports, imports, trade balance, UK CPI, RPI, PPI input prices, PPI output prices, PSNB, PSNCR, U.S. MBA mortgage application, FOMC minutes, and Canada retail sales.

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