AceTraderFx Nov 19: Daily Recommendations on Major -EUR/USD
DAILY MARKET OUTLOOK on Major
Update Time: 19 Nov 2019 03:30GMT
EUR/USD - 1.1067
Despite the single currency’s fall to a 1-month trough at 1.0990 last Thursday, subsequent strong rebound to 1.1057 on Friday, then higher to 1.0990 yesterday on improved risk appetite suggests recent decline from October’s 2-month peak at 1.1179 has made a temporary low there and consolidation with upside bias remains for stronger retracement to 1.1131 before prospect of retreat later this week.
On the downside, only below 1.0990 would revive bearishness for weakness to 1.0968 but loss of momentum would keep price above support at 1.0942, yield rebound.
Economic data to be released later:
New Zealand GDT price index, PPI inputs, PPI outputs.
Germany wholesale sales, Swiss trade balance, exports, imports, Italy industrial orders, industrial sales, EU current account, construction output, UK CBI trends survey.
U.S. building permits, housing starts, redbook and Canada manufacturing sales