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.
Trendsetter does not warrant or guarantee the accuracy, timeliness or completeness to its service or information contained therein. Trendsetter does not give, whatsoever, warranties, expressed or implied, to the results to be obtained by using its services or information it provided. Users are trading on their own risk and Trendsetter shall not be responsible under any circumstances for the consequences of such activities. Trendsetter and its affiliates, in no event, be liable to users or any third parties for any consequential damages, however arising, including but not limited to damages caused by negligence whether such damages were foreseen or unforeseen.