DAILY MARKET OUTLOOK on Major
Update Time: 05 Sept 2019 05:30GMT
EUR/USD - 1.1035
Euro's rally above 1.1028 to 1.1038 yesterday due to continued usd's weakness suggests recent downtrend has made a low at Tuesday's 27-month bottom at 1.0927 and as long as 1.0978 (Tuesday's high, now sup) holds, stronger retracement towards 1.1092 is now envisaged, however, overbought condition should cap price below 1.1112 ahead of release of Fri's key U.S. jobs data.
On the downside, only below 1.0998 signals 1st leg of correction is over and may risk retracement towards 1.0978 before prospect of another rise.
Data to be released on Thursday:
Swiss GDP, Germany industrial orders and U.S. ADP employment change, initial jobless claims, labour costs prelim, productivity prelim, Markit manufacturing PMI, durable ex-defense, durable goods, factory orders, durable ex-transport, ISM manufacturing PMI.
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