EUR/USD: Daily recommendations on major

AceTrader Team AceTrader

EUR/USD - 1.0432

Despite euro's selloff to a 2-week bottom at 1.0367 in New York Friday, subsequent strong short-covering rise to 1.0462 in Europe yesterday suggests choppy trading above May's 5-year trough at 1.0350 would continue and range trading is seen before prospect of another fall but below 1.0350/60 needed to extend to 1.0320/30.

On the upside, only a daily close above 1.0462 would risk stronger retracement towards 1.0488, break, 1.0505/10.

Data to be released on Tuesday

New Zealand business confidence, Australia AIG construction index, services PMI, RBA interest rate decision, Japan Jibun Bank manufacturing PMI, China Caixin manufacturing PMI,
France industrial output, SnP global services PMI, Italy SnP global services PMI, Germany SnP global services PMI, EU SnP global services PMI, UK SnP global services PMI.
Canada building permits, US durables ex-defense, durable goods, factory orders and durables ex-transport.

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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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