AceTraderFx Nov 06: Daily Recommendations on Major -EUR/USD
DAILY MARKET OUTLOOK on Major
Update Time: 06 Nov 2019 03:30GMT
EUR/USD - 1.1071
The single currency’s selloff from yesterday’s high at 1.1140 and subsequent break of previous support at 1.1074 to 1.1064 suggests decline from October’s 2-month peak at 1.1179 has once again resumed and consolidation with downside bias remains for weakness to 1.1020/23, however, oversold condition would keep price above 1.0990/00 and yield correction later.
On the upside, only above 1.1175/79 would revive bullishness for stronger gain to 1.1223 before prospect of a correction later this week.
There is a slew of data from the eurozone today. Pay particular attention to the release of services PMIs from Germany, France and EU and EU retail sales.