EUR/USD - 1.2017
Despite euro's recovery after yesterday's resumption of recent decline from April's 8-week peak of 1.2149 to 1.2000 (Europe), outlook remains mildly bearish for one more fall, however, near term loss of downward momentum should keep price above sup at 1.1943 and bring rebound later today or tomorrow.
Only a daily close above 1.2035 (Tuesday's New York high) signals temporary low is in place and may risk stronger retracement towards 1.2075 before another fall.
Today is PMI day in the euro area countries, pls refer to our EI page for details n pay attention to Markit services PMI for Germany n the EU at 07:55GMT n 08:00GMT respectively, if actual readings come in below street forecast, euro will fall b4 prospect of recovery. ECB Board member Lane will participate in a financial event at 14:00GMT.
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