AceTraderFx Jun 04: Daily Recommendations on Major -EUR/USD
DAILY MARKET OUTLOOK on Major
Update Time: 04 Jun 2019 05:30 GMT
EUR/USD - 1.1248
Euro’s rally from 1.1160 (Europe) to 1.1162 due to dovish comments by Fed’s Bullard in New York afternoon confirms Medium Term downtrend has made a temporary low at May’s 22-month bottom at 1.1108 and as long as 1.1215/25 (previous res, now sup) holds, re-test of May’s 1.1265 would be forthcoming next, break would extend to 1.1300/04, overbought condition should cap price at 1.1325 today.
Only below 1.1215 signals temporary top is in place, then risk would shift to the downside for stronger retracement to 1.1190, then 1.1157/60.
Data to be released on Tuesday :
New Zealand trade balance, import prices, export prices, Australia current account, retail sales, RBA rate decision, France budget balance, Italy unemployment rate, UK BRC retail sales, construction PMI, EU HICP, core HICP, unemployment rate, U.S. redbook retail sales, ISM NY index, durable goods and factory orders.