EUR/USD: Daily recommendations on major

AceTrader Team AceTrader

EUR/USD - 1.2217
Despite the single currency's fall to 1.2133 on Monday, subsequent rally to 1.2216 today suggests the first leg of correction from January's 2-1/2 year peak at 1.2349 has ended there and consolidation with upside bias remains for gain to 1.2226/30, however, resistance at 1.2241/46 would remain intact and yield retreat.

On the downside, only below 1.2178 would indicate aforesaid recovery has ended instead and risk weakness to 1.2133/38.

Pay attention to the release of EU industrial production mm and yy at 10:00GMT. Street forecasts are 0.2% and -3.3% vs previous readings of 2.1% and -3.8% respectively.
Elsewhere, ECB President Christine Lagarde will speak at the Reuters Next summit at 09:00GMT.

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AceTrader Team

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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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