EUR/USD: Daily recommendations on major

AceTrader Team AceTrader

EUR/USD - 1.2140

Although euro's intra-day retreat from Mon's 10-week peak of 1.2177 to 1.2128 in New York session due to rise in U.S. yields suggests recent upmove has made a temporary top, as long as 1.2090 holds, outlook remains mildly bullish for marginal gain, loss of upward momentum should cap price well below daily pivotal res at 1.2242 and yield a long-overdue correction.

Below 1.2090 anytime confirms temporary top is in place, then risk would shift to downside for stronger retracement to 1.2054/59 before prospect of rebound later this week.

Data to be released on Tuesday:
Japan all household spending, China PPI, CPI,
U.K. BRC retail sales, Italy industrial output, Germany wholesale price index, ZEW economic sentiment, current conditions, EU ZEW survey expectation.
Canada leading index, U.S. redbook, JOLTS job openings.

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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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