AceTraderFx Jan 31: Daily Recommendations on Major -EUR/USD
DAILY MARKET OUTLOOK on Major
Update Time: 31 Jan 2018 05:30 GMT
EUR/USD - 1.2420
Yesterday's intra-day rally from 1.2336 (Europe) to as high as 1.2454 in New York morning suggests euro's early correction from last Thursdays fresh 3-year peak at 1.2538 has possibly ended and consolidation with upside bias is seen, above 1.2454 would add credence to this view and yield further headway towards 1.2494.
Only below 1.2365 prolongs choppy sideways swings and may risk weakness towards 1.2336, break would yield stronger retracement to 1.2300/05.
Data due out on Wednesday:
Japan industrial production, consumer confidence index, construction orders, housing start, Australia CPI, China NBS non-manufacturing PMI, NBS manufacturing PMI.
UK Gfk consumer confidence, BRC retail sales, Germany retail sales, unemployment change, unemployment rate, Swiss UBS consumption indicator, ZEW investor sentiment, France CPI, producer prices, Italy unemployment rate, EU CPI, unemployment rate.
U.S. MBA mortgage application, ADP employment change, Chicago PMI, pending home sales, Fed interest rate decision, and Canada GDP