EUR/USD: Daily recommendations on major

AceTrader Team AceTrader

EUR/USD - 1.1723
Euro's anticipated resumption of recent downtrend from 2021 peak at 1.2349 (Jan) to a fresh 4-1/2 month trough of 1.1712 in New York yesterday due to continued usd's strength on the back of rising U.S. yields should pressure price after consolidation, loss of near term downward momentum would limit weakness to 1.1660/65.

On the upside, only a daily close above 1.1761 signals temporary low is made and yields stronger retracement of said decline, however, reckon 1.1800/10 should cap upside.

Data to be released on Wednesday :
Japan industrial output, construction orders, housing starts, New Zealand NBNZ business outlook, NBNZ own activity, building permits, China NBS non-mfg PMI, NBS mfg PMI.
Germany import prices, unemployment change, unemployment rate, U.K. GDP, nationwide house price, France consumer spending, CPI, producer prices, Swiss investor sentiment, EU HCIP, Italy CPI.
U.S. MBA mortgage app, ADP employment change, Chicago PMI, pending home sales, Canada GDP, producer prices.

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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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