EUR/USD: Daily recommendations on major

AceTrader Team AceTrader

EUR/USD - 1.1845
Although euro's intra-day brief break of Monday's fresh 3-month low at 1.1845 confirms recent decline from January's 1.2349 peak remains in progress, loss of near term downward momentum is likely to keep price above sup at 1.1800 and risk has increased for a much-needed correction to take place.

On the upside, only a daily close above 1.1894 (Friday's low, now res) needed to signal temporary bottom is made and yield stronger retracement to 1.1935/45 before prospect of another fall later.

The euro area countries will release a slew of eco. data, pls refer to our Economic Indicator page for details n pay attention to EU's Q4 GDP at 10:00GMT, a weaker-than-expected reading will weigh on recent falling single currency vs usd n sterling.

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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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