Daily Recommendations on Major - EUR/USD

ANALYSIS | 12/16/2019 03:52:07 GMT

DAILY MARKET OUTLOOK on Major
Update Time: 16 Dec 2019 03:30GMT

EUR/USD - 1.1126
Despite the single currency's cable-led rise to a 4-month peak at 1.1199 on Friday, subsequent selloff to 1.1112 suggests medium-term upmove has made a temporary top there and consolidation with downside bias remains for stronger retracement to 1.1104, then 1.1071, however, support at 1.1041 should remain intact and yield rebound later this week.

On the upside, only above 1.1185 would revive bullishness for a re-test of said top, break would extend uptrend from October's 2019 trough at 1.0880 to 1.1220/30 later before prospect of correction.

Data to be released today:
Australia manufacturing PMI, services PMI, Japan Jibun Bank manufacturing PMI, industry activity.
U.K. Rightmove house price index, Markit manufacturing PMI, Markit services PMI, CBI trends survey, China industrial output, house prices, retail sales, industrial production, France Markit manufacturing PMI, Markit services PMI, Germany Markit manufacturing PMI, Markit services PMI, Italy consumer prices, CPI (EU norm), EU Markit manufacturing PMI, Markit services PMI, labour costs.
U.S. New York Fed manufacturing, Markit manufacturing PMI, Markit services PMI, NAHB housing market on Monday.

Share: Analysis feed

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.