Daily recommendations on major – EUR/USD

   DAILY MARKET OUTLOOK on Major

Update Time: 07 July 2020 03:30GMT

EUR/USD - 1.1312

Although the single currency has retreated after yesterday's rally to 1.1345 and minor consolidation would be seen in Asia, as said move signals a re-test of previous resistance at 1.1348 is forthcoming, upside bias remains and above 1.1348 would extend upmove from 1.1169 (June) to retrace decline from June's 3-month peak at 1.1422 to 1.1383, then 1.1400/10 later, however, said top should hold on first testing.

On the downside, only below 1.1275/82 would indicate a temporary top has been made and risk stronger retracement to 1.1250/52.

Pay attention to release of Germany industrial output at 06:00GMT. Street forecasts for mm and yy are 10.0% and -11.0% vs previous readings of -17.9% and -25.2% respectively. ECB board member Fabio Panetta is also scheduled to speak at a virtual meeting of the European Parliament at 06:15GMT.