AceTraderFx Oct 23: Daily Recommendations on Major -EUR/USD
DAILY MARKET OUTLOOK on Major
Update Time: 23 Oct 2019 03:30GMT
EUR/USD - 1.1129
Although price has retreated after Monday’s brief break of Friday’s high at 1.1173 to a 2-month peak at 1.1179 and minor consolidation would be seen, as 1.1140 has contained downside, upside bias remains and above said resistance would extend upmove from October’s 28-month trough at 1.0880 to 1.1209/10 later before prospect of correction due to loss of momentum.
On the downside, only below 1.1102 would indicate a temporary top has been made and risk stronger retracement to 1.1085/90 before rebound occurs.
Pay attention to the release of EU consumer confidence at 14:00GMT. Street forecast is -6.7, down from previous reading of -6.5. Elsewhere, ECB’s Andrea Enria is scheduled to speak at an event in Madrid at 08:45GMT.