DAILY MARKET OUTLOOK on Major EUR/USD

DAILY MARKET OUTLOOK on Major EUR/USD

7 June 2016, 07:23
Roberto Jacobs
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DAILY MARKET OUTLOOK on Major EUR/USD

EUR/USD - 1.1357
The single currency's rally to as high as 1.1375 on Friday after the release of much weaker-than-expected U.S. non-farm payrolls data, then to 1.1393 yesterday suggests upmove from last week's low at 1.1098 remains in progress and consolidation with upside bias would be seen for gain towards 1.1447/50.
However, near term loss of momentum would prevent sharp move beyond there and reckon 1.1481 would hold and yield retreat later. 

On the downside, only below 1.1220 (previous resistance) would indicate a temporary top has been made and risk stronger retracement towards 1.1173.


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