EUR/USD - 1.1825

Despite euro's retreat from 1.1841 to 1.1806 yesterday's after ECB said it will slow its bond buying operation, subsequent recovery suggests further sideways swings above this week's 1.1803 low (Wednesday) would continue, as long as 1.1856 (Monday' low, now res) holds, decline from last Friday's 1-month peak at 1.1908 would pressure price lower, however, loss of downward momentum should keep euro above 1.1757 (61.8% r of 1.1664-1.1908).

Only a daily close above 1.1856 signals pullback is possibly ended and risks gain to 1.1884/86, break would yield re-test of 1.1908 next week.

Data to be released on Friday :
New Zealand retail sales.
Germany CPI, HICP, U.K. GDP, industrial output, manufacturing output, construction output, trade balance, NISER GDP estimate, France industrial output, Italy industrial output.
U.S. PPI, wholesale inventories, wholesale sales, Canada capacity utilization, employment change and unemployment rate.

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