EUR/USD: Daily recommendations on major

AceTrader Team AceTrader

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

EUR/USD - 1.1238
Despite the single currency's strong rebound from last Thursday's low at 1.1191 to 1.1288 yesterday, subsequent retreat to 1.1220 suggests the recovery has ended and consolidation with downside bias remains for a re-test of 1.1191, below would bring weakness towards last Monday's 2-1/2 week trough at 1.1169, where a break would extend decline from June's 3-month peak at 1.1422 towards 1.1116.

On the upside, only above 1.1288 would abort daily bearishness and risks stronger gain to 1.1320/30 but resistance at 1.1348 should remain intact.

There is a slew of data to be released from Italy and France today. One should also pay attention to comments from ECB board member Isabel Schnabel at 13:00GMT and ECB Vice-President Luis de Guindos at 15:00GMT.

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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.

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