AceTraderFx Jul 03: Daily Recommendations on Major -EUR/USD
DAILY MARKET OUTLOOK on Major
Update Time: 03 Jul 2019 05:30 GMT
EUR/USD - 1.1292
Euro’s decline from last Tuesday’s 3-month high of 1.1412 to an 11-day low at 1.1276 yesterday suggests recent upmove from 2019 22-month bottom at 1.1108 (May) has made a top and as long as 1.1345 (last week’s high, now res) holds, stronger correction towards 1.1221 (61.8% r of 1.1108-1.1412) is envisaged before prospect of rebound due to loss of downward momentum.
Only a firm break above Tuesday’s 1.1321 high would be the first signal low has been made, then risk would shift to the upside for stronger retracement of said fall to 1.1345, break, 1.1355/60 later.
Data to be released on Wednesday:
Australia AIG services index, trade balance, imports, exports, Japan services PMI, China Caixin services PMI.
Italy Markit services PMI, France Markit services PMI, Germany Markit services PMI, EU Markit services PMI, UK Markit services PMI.
U.S. MBA mortgage application, ADP employment change, trade balance, initial jobless claims, Markit services PMI, durables ex-defense, durable goods, factory orders, durables ex-transportation, ISM non-manufacturing PMI, and Canada trade balance, exports, imports.