AceTraderFx Oct 18: Daily Recommendations on Major -EUR/USD
DAILY MARKET OUTLOOK on Major
Update Time: 18 Oct 2018 05:30 GMT
EUR/USD - 1.1501
Yesterday's anticipated break of 1.1515 sup to 1.1496 after hawkish Fed minutes suggests euro's correction from October's 7-week trough at 1.1432 has ended at 1.1621 (Tuesday) and consolidation with downside bias remains for marginal weakness, oversold conditon is likely to keep price above 1.1460 and risk has increased for a recovery.
On the upside, only above 1.1548 signals temporary low is made and may risk stronger retracement to 1.1578/81 before down.
On the eco. data front, the only data due out is Germany's wholesale price index. Also, today is the second of the 3-day EU summit meeting. ECB Preisent Draghi and Board member Coure will participate in the Euro Summit and ECB's Nowotny will speak in Vienna at 08:00GMT.
Update Time: 18 Oct 2018 05:30 GMT
EUR/USD - 1.1501
Yesterday's anticipated break of 1.1515 sup to 1.1496 after hawkish Fed minutes suggests euro's correction from October's 7-week trough at 1.1432 has ended at 1.1621 (Tuesday) and consolidation with downside bias remains for marginal weakness, oversold conditon is likely to keep price above 1.1460 and risk has increased for a recovery.
On the upside, only above 1.1548 signals temporary low is made and may risk stronger retracement to 1.1578/81 before down.
On the eco. data front, the only data due out is Germany's wholesale price index. Also, today is the second of the 3-day EU summit meeting. ECB Preisent Draghi and Board member Coure will participate in the Euro Summit and ECB's Nowotny will speak in Vienna at 08:00GMT.