EUR/USD – 1.0938
Euro’s retreat from Tuesday’s 2-week high of 1.0876 suggests further ‘choppy’ trading below May’s 1.1018 peak would continue and consolidation with downside bias remain, below 1.0896 (last week’s high, now sup) would yield stronger retracement of early erratic rise from 1.0767 to 1.0850 but sup 1.0801/05 should remain intact.
On the upside, only above 1.0976 aborts present consolidative scenario on euro and risk would shift to the upside for re-test of 1.1018 later this week.
Data to be released on Wednesday:
New Zealand food price index, Japan machinery orders, Australia westpac leading index.