EUR/USD: Daily recommendations on major

AceTrader Team AceTrader

EUR/USD - 1.2043
Although Fri's rally from Asian fresh 2-month trough of 1.1953 (Asia) to as high as 1.2049 in New York after downbeat U.S. jobs report confirms euro's decline from Jan's near 33-month peak at 1.2349 has made a temporary low and 1-2 days of choppy consolidation is in store, as long as 1.2087 holds, downside bias remains.

A daily close below 1.2000 signals recovery has ended and brings re-test of 1.1953 later. Only above 1.2087 risks stronger correction of said decline, then price may head back towards 1.2155 'later' this week.

On the eco. data front, Germany will kick off with industrial output n then EI Sentix investor confidence index. We have participation by ECB President Lagarde in a debate on the ECB Annual Report 2019 at the European Parliament at 16:00GMT.

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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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