Daily Recommendations on Major - EUR/USD

AceTrader Team AceTrader

DAILY MARKET OUTLOOK on Major
Update Time: 21 Aug 2019 06:00 GMT

EUR/USD - 1.1095
Although yesterday's rebound after falling one tick below last Fri's 1.1067 low to a 2-1/2 week trough of 1.1066 suggests recent decline from 1.1249 has made a temporary bottom and initial range trading is envisaged, as long as 1.1131 holds, marginal weakness is likely, loss of downward momentum should keep price above Aug's fresh 2-year low at 1.1028.

A daily close above 1.1131 would shift risk to the upside for stronger retracement of aforesaid fall to 1.1158, then later 1.1180/90.

No economic data is due out from the euro area countries, so order flows or news headlines will have greater influence on price moves. U.K. PM Johnson will meet with German Chancellor Merkel for Brexit talk later today, so one can expect eur/gbp cross to swing around on Brexit news.

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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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