AceTraderFx May 10: Daily Recommendations on Major -EUR/USD
DAILY MARKET OUTLOOK on Major
Update Time: 10 May 2018 05:30 GMT
EUR/USD - 1.1863
Although euro's strong rebound from Wed's fresh 4-month trough of 1.1823 to 1.1897 suggests recent downtrend has made a temporary low there and range trading is expected in holiday-thinned European morning (many European centres are closed for market holiday), as long as 1.1897 res holds, marginal weakness can't be ruled out but loss of downward momentum is likely to limit weakness to 1.1800/05.
On the upside, a daily close above 1.1897 would bring stronger correction to 1.1939 and then 1.1978 before prospect of a retreat.
Data to release on Thursday :
New Zealand interest rate decision, Japan current account, economy watchers current, economy watchers outlook, China PPI, CPI.
Italy industrial output, UK RICS housing price balance, construction output, industrial output, manufacturing output, trade balance non-EU, trade balance GBP, BoE MPC vote hike, BoE MPC vote unchanged, BoE MPC vote cut, BoE interest rate decision, BoE QE total, BoE QE corporate bond purchase,
U.S. core CPI, NIESR GDP, core CPI, CPI, initial jobless claims, federal budget, and Canada new housing price index.