EUR/USD: Daily recommendations on major

AceTrader Team AceTrader

EUR/USD - 1.2225

Yeeterday's rise from 1.2173 to 1.2229 (New York) due to renewed usd's weakness on return of risk sentiment suggests choppy trading inside recent 1.2245-1.2161 range would continue with upside bias, above 1.2245 would extend recent upmove from 1.1705 (March) to marginally higher, however, loss of upward momentum would cap price at 1.2300.

On the downside, only below 1.2161 shifts risk to the downside for a stronger correction to 1.2127, then later 1.2104/07.

Data to be released on Tuesday:
Germany GDP, Ifo business climate, Ifo current conditions, Ifo expectations, UK PSNB GBP, PSNCR GBP, CBI distributive trades.
U.S. building permits, redbook, monthly home price, consumer confidence, new home sales, Richmond Fed's manufacturing index.

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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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