DAILY MARKET OUTLOOK on Major
Update Time: 15 July 2020 03:30GMT
EUR/USD - 1.1410
The single currency's rally to 1.1408 yesterday and intra-day re-test of June's 3-month peak at 1.1422 suggests upmove from 1.0637 (March) would resume after consolidation and extend to 1.1443/45, however, near term loss of momentum would keep price below 2020's peak at 1.1494 and yield a much-needed correction later this week.
On the downside, only below 1.1374 would indicate a temporary top has been made and risk stronger weakness to 1.1340/50 but support at 1.1326 should remain intact.
As there is no major economic data to be released from the eurozone today, market focus is now on the European Central Bank's rate decision on Thursday.
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