EUR/USD live: Room for 1.1100, lots of stops at 1.1075 - FXStreet

FXStreet (Barcelona) - Dale Pinkert in the FXStreet Live Analysis Room, shares the outlook for FX Majors and crosses.

Key Quotes

“US Dollar extends downside correction as the DXY can still drop to the 0.9600 level before next move to the upside. If the Dollar weakness persists for more few days so the S&P could continue going lower.”

“The EUR/USD rallied this morning amid Greece hopes and economic data such as unemployment rate Germany or Eurozone inflation; however it is little bit early to go short. EUR/USD still can go up to 1.1100, watch out 1.1075 as it is the place for a lot of stops.”

“USD/CAD and USD/JPY can drop during this phase, USD/JPY to 122.70 and USD/CAD to 1.2380. Be careful in the GBP/USD, even the British Pound is a dangerous short.”

“Pay attention to fundamental developments across the globe: HSBC China PMI, Euro inflation, unemployment Germany, US Factory orders, the ISM New York index and GDP Australia.”

“Don't forget the European Central Bank ECB interest rate meeting on Wednesday and the Nonfarm Payrolls NFP data on Friday.”