DAILY MARKET OUTLOOK on Major
Update Time: 08 Nov 2019 03:30GMT
EUR/USD - 1.1049
The single currency's selloff to a 3-week trough at 1.1037 yesterday on dollar's broad-based strength suggests decline from October's 2-month peak at 1.1179 has once again resumed and consolidation with downside bias remains for weakness to 1.1020/23, however, oversold condition would keep price above 1.0990/00 and yield correction later.
On the upside, only above 1.1175/79 would revive bullishness for stronger gain to 1.1223 before prospect of a correction later this week.
There is a slew of German trade data to be released at 07:00GMT and French data at 07:45GMT. Pay particular attention to German imports and exports. Street forecasts are 0.0% and 0.4% vs prev. readings of 0.5% and -1.8% respectively.
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