EUR/USD: Daily recommendations on major

AceTrader Team AceTrader

EUR/USD - 1.1243

Euro's break of last Friday's 1.1250 low to a fresh 16-month bottom at 1.1231 in New York Monday due to rally in U.S. yields and usd on news of Fed Powell's renomination suggests medium-term downtrend from 2021 peak at 1.2349 (January) remains in force, however, oversold condition should keep price above 1.1169/74.

On the upside, only a daily close above 1.1291 signals temporary trough is made and may risk stronger retracement towards 1.1322.

Data to be released on Tuesday:

New Zealand retail sales, Australia manufacturing PMI, services PMI, Japan Market Holiday,.
France Markit manufacturing PMI, Markit services PMI, EU Markit manufacturing PMI, Markit services PMI, Germany Markit manufacturing PMI, Markit services PMI, U.K. Markit manufacturing PMI, Markit services PMI.
U.S. redbook, Markit manufacturing PMI, Markit services PMI and Richmond Fed manufacturing.

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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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