EUR/USD - 1.1833
Despite the single currency's rebound to 1.1900 yesterday, subsequent sharp retreat to 1.1840 and intra-day break below this level suggests further choppy trading below last Thursday's high at 1.1917 would continue with downside bias and below 1.1811 (reaction low) would extend weakness to 1.1782/90, however, last Wednesday's near 4-week bottom at 1.1754 should hold on 1st testing, yield rebound.
On the upside, only above 1.1900 would revive bullishness for a re-test of 1.1917, break would risk stronger retracement of decline from September's 2-year peak at 1.2011 to 1.1960/65.
Data to be released on Wednesday :
New Zealand current account, Japan exports, imports, trade balance, Australia Westpac leading index.
UK core CPI, CPI, RPI, core RPI, PPI input prices, PPI output prices, core PPI output prices, DCLG house price index, EU trade balance.
U.S. MBA mortgage applications, retail sales ex-autos, retail sales, business inventories, NAHB housing market index, Fed interest rate decision, and Canada CPI, BoC core CPI, core CPI.
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