EUR/USD: Daily recommendations on major

AceTrader Team AceTrader

EUR/USD - 1.0440

Euro's intra-day short-covering rebound from Friday's 2-week bottom at 1.0367 in New York suggests recent erratic decline has made a temporary low and initial range trading would be seen before prospect of another fall, below June's 1.0360 trough would yield re-test of May's 5-year bottom at 1.0350, break, 1.0328 later.

On the upside, only a daily close above 1.0488 would prolong choppy trading above 1.0350 and risk stronger retracement to 1.0504, 1.0535.

Data to be released today

Australia building permits.
Germany exports, imports, trade balance, Swiss CPI, EU Sentix index, producer prices.
US Market Holiday and Canada SnP manufacturing PMI on Monday.

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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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