EUR/USD: Daily recommendations on major

AceTrader Team AceTrader

DAILY MARKET OUTLOOK on Major
Update Time: 12 June 2020 03:30GMT

EUR/USD - 1.1283
As euro's intra-day wild swings on Thursday has ended with price tumbling from 1.1403 to 1.1289 in New York session due to active safe-haven usd buying on plunge in U.S. stocks, suggesting medium-term upmove has made a temporary top at Wed's 3-month peak at 1.1422 and consolidation with downside bias remains for stronger retracement towards chart obj. at 1.1296.

Only a daily close above 1.1323 signals 1st leg of correction is over and risks further recovery to 1.1350/60 but 1.1403 should remain intact.

Data to be released on Friday :
New Zealand manufacturing PMI, food price index, Japan industrial output, capacity utilization.
UK GDP, industrial output, manufacturing output, construction output, trade balance, NIESR GDP estimate, France CPI, EU industrial production.
U.S. import prices, export prices, University of Michigan sentiment, and Canada capacity utilization.

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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.

EUR/USD hovers around nine-day EMA above 1.1800

EUR/USD remains in the positive territory after registering modest gains in the previous session, trading around 1.1820 during the Asian hours on Monday. The 14-day Relative Strength Index momentum indicator at 54 is edging higher, signaling improving momentum. RSI near mid-50s keeps momentum balanced. A sustained push above 60 would firm bullish control.

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