EUR/USD: Daily Recommendations on Major

AceTrader Team AceTrader

EUR/USD - 1.0907
Euro's decline from last Thursday's near 3-week high of 1.1008 to 1.0886 on Friday due to renewed USD's strength suggests choppy trading below May's peak at 1.1018 would continue and downside bias remains for further weakness to 1.0850 but reckon 1.0800/05 should hold from here.

On the upside, only a daily close above 1.0938 signals pullback has possibly ended, then the risk would shift to the upside for stronger gain, however, 1.1008 is expected to remain intact.

Data to be released today :
Japan leading indicator, coincident index.
UK market holiday, Germany GDP. Ifo business climate, Ifo current conditions, Ifo expectation.
U.S. market holiday on Monday.

Author

AceTrader Team

AceTrader

Led by world-renowned technical analyst Wilson Leung, we have a team of 7 analysts monitoring the market and updating our recommendations and commentaries 24 hours a day.

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