DAILY MARKET OUTLOOKUpdate Time: 20 May 2015 01:02 GMT
EUR/USD - 1.1132
Euro's sell off to 1.1118 in New York yesterday after dovish comments from ECB's Benoit Coeure and upbeat U.S. housing data signals erratic up move from March's 12-year trough at 1.0457 has indeed made a temporary top at 1.1467 last Friday and consolidation with downside bias remains for another leg of correction to 1.0662/66, then 1.1020/30 later.
On the upside, only above 1.1217 resistance would abort this bearish scenario and shift risk to upside for stronger gain towards 1.1250/60.
Recommended Content
Editors’ Picks
EUR/USD clings to gains above 1.0750 after US data
EUR/USD manages to hold in positive territory above 1.0750 despite retreating from the fresh multi-week high it set above 1.0800 earlier in the day. The US Dollar struggles to find demand following the weaker-than-expected NFP data.
GBP/USD declines below 1.2550 following NFP-inspired upsurge
GBP/USD struggles to preserve its bullish momentum and trades below 1.2550 in the American session. Earlier in the day, the disappointing April jobs report from the US triggered a USD selloff and allowed the pair to reach multi-week highs above 1.2600.
Gold struggles to hold above $2,300 despite falling US yields
Gold stays on the back foot below $2,300 in the American session on Friday. The benchmark 10-year US Treasury bond yield stays in negative territory below 4.6% after weak US data but the improving risk mood doesn't allow XAU/USD to gain traction.
Bitcoin Weekly Forecast: Should you buy BTC here? Premium
Bitcoin (BTC) price shows signs of a potential reversal but lacks confirmation, which has divided the investor community into two – those who are buying the dips and those who are expecting a further correction.
Week ahead – BoE and RBA decisions headline a calm week
Bank of England meets on Thursday, unlikely to signal rate cuts. Reserve Bank of Australia could maintain a higher-for-longer stance. Elsewhere, Bank of Japan releases summary of opinions.