EUR/USD: Daily recommendations on major

AceTrader Team AceTrader

EUR/USD - 1.1876
Despite euro's retreat from this week's high at 1.1893 (Tuesday) to 1.1817 in Europe yesterday, subsequent strong rebound to 1.1882 in New York on return of risk sentiment on news that U.S. will resume stimulus talks suggests pullback has ended and re-test of November's 7-week 1.1919 peak would be seen after consolidation, break would extend uptrend from November's 3-month trough at 1.1603 to 1.1935/40.

On the downside, only below 1.1815/17 would risk stronger retracement to 1.1788/90 but 1.1746 should remain intact.

Data to be released on Friday:
Japan nationwide core CPI, nationwide CPI, Jibun Bank manufacturing PMI.
UK GfK consumer confidence, PSNB, PSNCR, retail sales, retail sales ex-fuel, Australia retail sales, Germany producer price index, Italy industrial orders, industrial sales.
Canada new housing price index, retail sales, retail sales ex-autos and EU consumer confidence.

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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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