Daily Recommendations on Major EUR/USD

Daily Recommendations on Major EUR/USD

2 June 2016, 06:35
Roberto Jacobs
0
22

Daily Recommendations on Major EUR/USD

DAILY MARKET OUTLOOK on Major EUR/USD

 02 Jun 2016   01:17 GMT


EUR/USD - 1.1188
Despite the single currency's fall to a fresh 2-month trough at 1.1098 on Monday, subsequent strong rebound suggests recent downtrend from May's peak at 1.1617 has formed a minor low there and consolidation with upside bias would be seen for gain towards 1.1201/05.
However, as broad-outlook remains consolidative, reckon resistance at 1.1217 would hold and yield retreat later.

On the downside, only below 1.1098 would revive bearishness for weakness towards 1.1058/60, then 1.1020 later this week but near term loss of momentum would keep price above 1.1000.


fxs_logo_news.png

Share it with friends: