DAILY MARKET OUTLOOK on Major
Update Time: 22 May 2020 03:30GMT

EUR/USD - 1.0950
Despite resumption of recent strong rise to a fresh 3-week high of 1.1008, failure to re-test May's 1.1018 peak and subsequent retreat to 1.0938 (New York) suggests consolidation with downside bias is in store, below 1.0938 would bring stronger retracement towards 1.0896, however, reckon 1.0850 should remain intact.

Only above 1.1008/18 res extends marginal gain, however, loss of upward momentum should limit gain to 1.1050/55 and risk is seen for a correction to occur next week.

On the data front, after release of large number of EZ data earlier this week, no eco data is due out today, however, pay attention to release of the minutes of last ECB monetary policy meeting at 11:30GMT which may move the euro a little bit.

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