EUR/USD: Daily recommendations on major

AceTrader Team AceTrader

DAILY MARKET OUTLOOK on Major
Update Time: 06 Aug 2020 03:30GMT

EUR/USD - 1.1876
Despite the single currency's selloff from last Friday's fresh 2-year peak at 1.1908 to as low as 1.1697 on Monday, subsequent rally to 1.1905 yesterday on usd's broad-based weakness confirms the pullback has ended and consolidation with upside bias remains for re-test of said top and break would extend marginally, however, 1.1950/60 should remain intact and yield retreat.

On the downside, only below 1.1800 would revive bearishness for weakness to 1.1722, break would risk stronger retracement to 1.1697.

Pay attention to the release of Germany industrial orders mm and yy at 06:00GMT. Street forecasts are 10.1% and -34.0% vs previous readings of 10.4% and -29.3% respectively.

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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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