DAILY MARKET OUTLOOK on Major
Update Time: 12 Jun 2019 05:30 GMT
EUR/USD - 1.1330
Euro's rebound to 1.1337 (New York) yesterday suggests early correction from last Friday's 10-week high at 1.1347 has ended at 1.1291 (Monday) and upside bias remains for recent upmove to head marginally above said res, however, loss of upward momentum is expected to cap price at 1.1400.
On the downside, only a daily close below 1.1291 confirms temporary top is made and risk would shift to the downside for stronger retracement towards 1.1252.
Economic calendar in the euro area is very thin with France's non-farm payrolls being the only data due out today.
We have a number of ECB officials speaking today starting with ECB President Draghi making welcoming address at an ECB conference in Frankfurt at 08:15GMT, then ECB Vice President speaking at the same event at 09:00GMT, then later ECB's Coeure at 12:15GMT n then 15:00GMT.
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