EUR/USD: Daily recommendations on major

AceTrader Team AceTrader

EUR/USD - 1.0523

Although euro's retreat from last Thursday's 8-day high of 1.0641 suggests recovery from April's fresh 5-year bottom at 1.0472 has possibly ended and despite yesterday's wild swings in post-US CPI, subsequent retreat from 1.0576 on broad-based rebound in usd signals consolidation with mild downside bias remains for weakness towards 1.0483 but 1.0472 should remain intact initially.

On the upside, only a daily close above 1.0600 would risk re-test of 1.0641, break, 1.0698/00 later.

Data to be released on Thursday

New Zealand food price index, inflation forecast, Japan current account, trade balance, Eco watchers outlook, Eco watchers current, Australia consumer inflation, Swiss producer/import price.
U.K. RICS housing price balance, GDP, trade balance, construction output, manufacturing output, industrial output, NIESR GDP estimate.
U.S. initial jobless claims, continuing jobless claims and PPI.

Author

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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