EUR/USD - 1.1802

Euro's intra-day decline from 1.1845 to 1.1800 in hectic New York trading on Tuesday suggests recovery from 1.1771 (Monday) has ended and recent fall from Sep's 1-month peak at 1.1908 would resume after consolidation, loss of downward momentum would keep price above 1.1735/40.

Only above 1.1850/51 res dampens bearish outlook and may risk stronger gain toward 1.1884 before prospect of retreat later this week.

Data to be released on Wednesday:
New Zealand current account, Japan machinery orders, tertiary industry activity, Australia consumer sentiment, China industrial output, retail sales.
Germany wholesale price index, U.K. CPI, RPI, PPI input prices, PPI output prices, DCLG house price index, France CPI, Italy CPI, EU industrial production, labour costs.
U.S. MBA mortgage application, New Yotk Fed manufacturing, import prices, export prices, industrial production, capacity utilization, manufacturing output, NAHB housing market index and Canada CPI.
 

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