AceTraderFx Apr 29: Daily Recommendations on Major -EUR/USD
DAILY MARKET OUTLOOK on Major
Update Time: 29 Apr 2019 05:30 GMT
EUR/USD - 1.1149
Although Friday’s rebound from a fresh 22-month trough at 1.1112 to 1.1174 in New York on short-covering after robust U.S. GDP but soft inflation data suggests recent downtrend has made a minor low and consolidation is in store initially, as long as 1.1174/77 holds, downside bias remains, below 1.1112 would extend marginal weakness, loss of momentum should limit weakness to 1.1080/90.
Only a daily close above 1.0177 (previous 2019 low in March) signals temporary bottom is in place and risks stronger retracement to 1.1220/30 later this week.
Data to be released later today:
Japan market holiday, Italy producer prices, EU business climate, economic sentiment, industrial sentiment, services sentiment, consumer confidence, and U.S. personal income, personal spending, PCE price index, Dallas Fed manufacturing business index on Monday.