EUR/USD - 0.9598

Euro's weakness to 0.9570 in New York yesterday following a rebound from Monday's fresh 2-decade low of 0.9559 to 0.9701 suggests re-test of 0.9559 would be seen after range trading, break extends downtrend to 0.9520 but loss of momentum may limit weakness to 0.9485.

On the upside, only a daily close above 0.9652 would prolong choppy sideways swings and risk 0.9670, break, 0.9701.

Data to be released on Wednesday

U.K. BRC shop price index, Australia retail sales, Japan coincident index, leading index, Germany Gfk consumer confidence, France consumer confidence, Italy business confidence, consumer confidence, industrial sales.
U.S. MBA mortgage application, goods trade balance, wholesale inventories and pending home sales.

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