AceTraderFx Nov 29: Daily Recommendations on Major -EUR/USD
** DAILY MARKET OUTLOOK on Major**
Update Time: 29 Nov 2019 03:30GMT
EUR/USD - 1.1010
Although euro has recovered after Wednesday’s break of Monday’s low at 1.1004 to 1.0993 and minor consolidation would be seen, as said move signals correction from November’s low at 1.0990 has ended at 1.1096 last Thursday, downside bias remains for a re-test of aforesaid support, break would extend decline from October’s 2-month peak at 1.1179 to 1.0970/75, however, loss of momentum would keep price above at 1.0942 and yield correction.
On the upside, only above 1.1053 would indicate a temporary low has been made and risk stronger retracement to 1.1081, then 1.1096 later.
There is a slew of data to be released from the eurozone today. Pay attention to Germany’s retail sales at 07:00GMT. Street forecasts for mm and yy are 0.0% and 1.1% vs previous readings of 0.1% and 3.4% respectively.