EUR/USD - 1.2038
Although euro's retreat from Tuesday's 6-week peak of 1.2079 to 1.2023 (NY) suggests recent upmove from 1.1705 (March) has made a temporary top, as long as 1.1994 (previous res, now sup) holds, mild upside bias remains for marginal gain, 'loss of upward momentum' should cap price below daily res at 1.2112 and yield strong retracement of aforesaid rise later today or tomorrow.
Below 1.1994 anytime signals long-awaited correction has taken place and would head back towards 1.1943.
Data to be released on Wednesday :
New Zealand CPI, Australia Westpac leading index, retail sales.
U.K. core CPI, CPI, RPI, core RPI, PPI input prices, PPI output prices, PPI core output prices, DCLG house price index.
U.S. MBA mortgage application, Canada CPI, CPI BoC core, core CPI, Bank of Canada interest rate decision.
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