DAILY MARKET OUTLOOK on Major
Update Time: 26 Aug 2019 05:30 GMT
EUR/USD - 1.1144
Despite euro's fall to a 3-week bottom at 1.1052 on Fri, subsequent rally to 1.1153 in New York on escalation in U.S.-China trade war, then to 1.1164 today suggests volatile trading above August's 26-month trough at 1.1028 would continue with upside bias.
On the downside, only below 1.1099 would risk weakness to 1.1064/67 before prospect of rebound.
Today is the final day of the 3-day G7 leaders' summit in France. On the data front, pay attention to release of key German Ifo business climate, current conditions and expectations, street forecasts are looking for weaker readings from previous readings due to recent recessions fears in Germany, however, euro bulls should buy eur/usd on dips.
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