AceTraderForex Apr 22: Daily Market Outllook on Major -EUR/USD

[B]DAILY MARKET OUTLOOK on Major [/B]
Update Time: [B]04 Jan 2017[/B] [I]02:10 GMT[/I]

EUR/USD - 1.0400
Despite yesterday’s intra-day selloff from 1.0490 at European open and then a brief break of Dec’s 13-year trough of 1.0352 to 1.0341 in New York morning after upbeat U.S. data, subsequent strong bounce to 1.0433 due to broad-based profit taking in usd suggests a temporary low has been made and consolidation is in store.

Above 1.0451 (Monday’s low, now res) would bring stronger correction to 1.0480/90 whilst below 1.0341 would yield marginal weakness.
However, loss of downward momentum should keep price above 1.0300 today.

[B]DAILY MARKET OUTLOOK on Major [/B]
Update Time: [B]09 Jan 2017[/B] [I]02:05 GMT[/I]

EUR/USD - 1.0533
Euro’s strong retreat in post-NFP New York session from 1.0622 to as low as 1.0525 confirms first leg of correction from last Tuesday’s near 14-year trough at 1.0341 has ended there and 1-2 days of consolidation with downside bias remains for weakness to 1.0481/83, however, reckon 1.0433 (previous res, now sup) would contain downside and yield another rebound.

On the upside, only above 1.0575/85 suggests pullback is possibly over and risks re-test of 1.0622 later.

Data to be released today:

Japan market holiday, Australia building approvals, China CPI, PPI, Germany industrial production, trade balance, current account, exports, imports, Swiss retail sales, UK Halifax house price, Italy unemployment rate, EU sentix index and unemployment rate.

[B]DAILY MARKET OUTLOOK on Major [/B]
Update Time: [B]10 Jan 2017[/B] [I]03:10 GMT[/I]

EUR/USD - 1.0587
Although euro’s strong rebound from 1.0511 yesterday signals pullback from 1.0622 (Friday) has ended there and consolidation with upside bias is seen, above said res is needed to extend near term upmove from last Tuesday’s near 14-year bottom at 1.0341 towards December’s 1.0655 high, loss of upward momentum should cap euro at 1.0680/85.

On the downside, only below 1.0511 dampens bullish bias on euro and risks stronger retracement to 1.0481/83 before of another rise later this week.

[B]DAILY MARKET OUTLOOK on Major [/B]
Update Time:[B] 11 Jan 2017 [/B][I]01:24 GMT [/I]

EUR/USD - 1.0557
Despite yesterday’s initial brief break of last Friday’s high at 1.0622 to 1.0627 in Asia, subsequent retreat to 1.0559 in Europe, then 1.0552 in New York afternoon session confirms early erratic rise from last Tuesday’s near 14-year bottom at 1.0341 has indeed made a temporary top and a day of consolidation with near term downside bias is seen, reckon 1.0481/83 would contain weakness and bring subsequent rebound.

On the upside, expect 1.2600/04 to cap intra-day recovery and yield further decline and only above there may risk one more rise twd daily res at 1.2655 before prospect of a correction.

Data to be released today:

Australia consumer sentiment, Japan leading indicator, UK construction output, industrial output, manufacturing output, trade balance and Canada housing starts. President Donald Trump will hold his first press conference in 2017 around 16:00GMT.

[B]DAILY MARKET OUTLOOK on Major [/B]
Update Time: [B]16 Jan 2017[/B] [I]02:12 GMT[/I]

EUR/USD - 1.0612
Euro’s intra-day decline from 1.0673 to 1.0596 in New York on Friday, then initial sterling-led weakness to 1.0595 at New Zealand open today suggests choppy trading below last Thursday’s 1-month peak at 1.0685 would continue.
A firm break of 1.0595/96 sup would bring stronger retracement of recent upmove to 1.0550/55 but previous sup at 1.0511 should contain weakness.

On the upside, above 1.0673 would extend recent rise from 1.0341 (January’s low) towards 1.0700/10 before prospect of a correction due to loss of upward momentum.

Data to be released today:
Japan CGPI, machinery orders, UK house prices, Italy CPI, HICP, EU CPI, core CPI, trade balance and U.S. market holiday on Monday.

[B]DAILY MARKET OUTLOOK on Major [/B]
Update Time: [B]20 Jan 2017[/B] [I]02:19 GMT[/I]

EUR/USD - 1.0672
Although euro’s strong rebound from 1.0589 yesterday signals 1st leg of correction Tuesday’s 5-week peak at 1.0719 has ended and consolidation with upside bias is seen, above 1.0703 needed to signal upmove from January’s near 14-year bottom has once again resumed and extend to 1.0740/50, loss of upward momentum should cap price at 1.0780/85.

On the downside, below 1.0622 would turn outlook bearish for another corrective fall to 1.0550/55.

[B]DAILY MARKET OUTLOOK on Major [/B]
Update Time: [B]23 Jan 2017[/B] [I]02:10 GMT
[/I]
EUR/USD - 1.0727
Euro’s rally in post-Trump inauguration New York session and then intra-day break of last week’s (Tuesday) 1.0719 high confirms recent upmove from Jan’s near 14-year bottom at 1.0341 has once again resumed and gain to 1.0740/50 is seen after consolidation, o/bot condition is likely to cap price below 1.0820 today and risk has increased for a correction to take place later.

On the downside, only below 1.0693 (New Zealand low) signals temporary top has been made and may risk stronger retracement to 1.0625/35.

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[B]DAILY MARKET OUTLOOK on Major [/B]
Update Time: [B]24 Jan 2017[/B] [I] 02:16GMT[/I]

EUR/USD - 1.0734.. The euro finally pared recent strong gain and is currently trading just a tad above yesterday's low at 1.0721 as intra-day broad-based usd strength (or some may call it short covering rebound) knocked the single currency from a 6-week high of 1.0775 to 1.0721 in New York session. 

Looks like the 1.0775 high print will remain for a day or do and consolidation is the order of the day. Having said that, current weakness in dlr/yen is likely to prevent the greenback rising vs its other G3 currencies, so one can trade on both sideways of the market.

Offers are noted at 1.0745/55 and more above with stops reported above 1.0775, however, more selling is touted at 1.0800. a mixture of bids and stops is reported at 1.0725/20, more stops are touted below 1.0700.

Euro area countries will release a slew of eco. data strating with France’s business climate, then the important Germany’s Ifo business climate, Italy’s industrial orders and trade balance.

DAILY MARKET OUTLOOK on Major
Update Time: 27 Jan 2017 01:23 GMT

EUR/USD - 1.0677
Euro’s firm break of previous 1.0707/12 sup (now res) yesterday to as low as 1.0658 due to broad-based short covering in the usd suggests confirms recent upmove from January’s near 14-year trough at 1.0341 has made a top at 1.0775 on Tuesday and consolidation with downside bias remains for further weakness, near term oversold condition should keep price well above daily sup at 1.0589 today.

On the upside, only a daily close above 1.0712 signals aforesaid correction from 1.0775 is over and risk another rise towards 1.0750/60 later.

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[B] DAILY MARKET OUTLOOK on Major [/B]
Update Time:[B] 01 Feb 2017[/B] [I]01:40 GMT[/I]

EUR/USD - 1.0793
Yesterday’s impressive rally above last week’s 1.0775 high to a 7-week peak of 1.0811 (New York) following ‘euro comments’ by U.S.
Trump’s trade adviser confirms upmove from January’s near 14-year bottom at 1.0341 has once again resumed and expect initial consolidation before bringing further gain, near term loss of upward momentum should cap price below daily res at 1.0875 (2016 December high) and yield subsequent minor correction.

On the downside, only a daily close below 1.0740 suggests aforesaid rise has made a temporary top, then risk would shift to the downside for stronger retracement towards 1.0685 but this week’s low at 1.0620 should remain intact.

[B]DAILY MARKET OUTLOOK on Major [/B]
Update Time:[B] 03 Feb 2017[/B] [I]03:17 GMT[/I]

EUR/USD - 1.0758
Although euro’s strong retreat from yesterday’s 8-week high of 1.0829 to as low as 1.0756 in New York session due to broad-based short-covering rebound in the greenback confirms recent erratic upmove has made a temporary top there and consolidation with downside bias remains ahead of release of key U.S. jobs report, a daily close below 1.0732 sup needed to bring stronger retracement to 1.0685 and then towards 1.0620 later next week.

On the upside, above 1.0829 would extend marginal gain, however, loss of near term upward momentum should cap price below daily res at 1.0875 and risk is seen for a much-needed correction to take place.

[B]DAILY MARKET OUTLOOK on Major [/B]
Update Time:[B] 06 Feb 2017[/B] [I]01:19 GMT[/I]

EUR/USD - 1.0785
Euro’s strong rebound from 1.0712 to 1.0797 in post-NFP New York trading on Friday signals correction from Thursday’s 8-week peak at 1.0829 has ended there and intra-day retreat from 1.0800 (Australia) suggests consolidation is in store before re-test of said last week’s high, break would extend recent upmove from January’s near 14-year trough at 1.0341 to 1.0840/50, near term loss of upward momentum should cap price below key res at 1.0875 (December high).

On the downside, only below 1.0712 aborts present bullish scenario on the single currency.

[B]DAILY MARKET OUTLOOK on Major[/B]
Update Time: [B]10 Feb 2017[/B] [I]05:016 GMT[/I]

EUR/USD - 1.0663
Yesterday’s decline from 1.0710 in Europe and then later to 1.0651 in New York following Trump’s comments of a ‘phenomenal’ tax plan suggests correction from 1.0641 (Wednesday) has ended the same day at 1.0714 and decline from last Thursday’s 8-week peak at 1.0829 would head to 1.0620 after consolidation, loss of downward momentum is expected to keep price above 1.0580/89 sup today.

On the upside, only above 1.0714 confirms 1st leg of correction is over and may risk stronger retracement towards 1.0755 before prospect of another fall next week.

Data to be released on Friday:

Japan CGPI, China exports, imports, trade balance, France industrial production, Italy industrial output, UK construction output, industrial output, manufacturing output, trade balance, Canada employment, U.S. export price, import price and consumer sentiment.

[B]DAILY MARKET OUTLOOK[/B]
Update Time: [I]16 Feb 2017[/I] [I]02:50 GMT[/I]

EUR/USD - 1.0620
Despite euro’s resumption of recent decline from Feburary’s 1.0829 peak to a 5-week trough of 1.0522 after upbeat U.S. eco. data, subsequent rally to as high as 1.0608, then intra-day rise above there in Asia confirms aforesaid fall has made a temporary low and 1-2 days of choppy consolidation is in store.

Expect 1.0675 to cap present corrective rise and yield subsequent retreat, however, a daily below 1.0561 needed to signal correction is over and yield further weakness to 1.0480/85.

Data to be released :
Germany WPI, U.S. building permits, housing starts and jobless claims.

[B] DAILY MARKET OUTLOOK [/B]
Update Time: [B]27 Feb 2017[/B] [I]02:08 GMT[/I]

EUR/USD - 1.0565
Despite euro’s resumption of near term upmove from last Wed’s 6-week trough at 1.0494 to 1.0618 in New York morning on Fri, subsequent strong retreat suggests 1st leg of correction has ended and 1-2 days of choppy consolidation is in store, reckon 1.0522/26 would contain pullback and yield one more rise to 1.0640/50 before down.

Only a daily close below 1.0522 suggests said retracement has ended and brings one more fall twd next daily chart objective at 1.0454 later this week.

[B]DAILY MARKET OUTLOOK[/B]
Update Time: [B]03 Apr 2017[/B] [I]06:06 GMT[/I]

EUR/USD - 1.0677
Friday’s resumption of decline from 1.0907 (Monday) to a 2-week low at 1.0652 at New York close confirms euro’s medium-term upmove from January’s 1.0341 bottom has made a top there and expect initial consolidation today before aforesaid fall extends marginal weakness.
However, ‘loss of downward momentum’ should keep price well above daily chart sup at 1.0601.

On the upside, only above 1.0720 (previous sup, now res) would defer bearish scenario but 1.0740/50 should cap upside and yield another decline later this week.

[B]Data to be released later: [/B]

Swiss manufacturing PMI, Italy manufacturing PMI, France manufacturing PMI, Germany manufacturing PMI, EU manufacturing PMI, PPI, unemployment rate, UK manufacturing PMI.
Canada manufacturing PMI, U.S. manufacturing PMI, ISM manufacturing PMI and construction spending.

[B]DAILY MARKET OUTLOOK on Major [/B]
Update Time: [B]05 Apr 2017[/B] [I]05:15 GMT[/I]

EUR/USD - 1.0680
Although euro’s rebound from yesterday’s fresh 2-week trough at 1.0636 (Europe) signals recent decline from March’s 4-month peak at 1.0907 has made a temporary low and consolidation is in store, as long as previous res at 1.0702 holds, downside bias remains for marginal weakness, loss of downward momentum should keep price above minor daily sup at 1.0601.

Only a daily close above 1.0702 would risk stronger retracement of aforesaid fall to 1.0730/40 before prospect of another fall later this week.

[B]Data to be released on Wednesday:[/B]

Australia service index, Italy services PMI, France services PMI, Germany services PMI, EU services PMI, UK services PMI, U.S. ADP employment, services PMI, and ISM non-manufacturing PMI.

[B]DAILY MARKET OUTLOOK on Major [/B]
Update Time:[B] 06 Apr 2017[/B] [I]06:03GMT[/I]

EUR/USD - 1.0675
Despite yesterday’s marginal weakness to a fresh 2-week trough of 1.0635 after release of FOMC minutes, subsequent rebound on broad-based long USD liquidation suggests recent decline from Mar’s 4-month peak at 1.0709 has possibly made a temporary low and consolidation with upside bias is seen, above 1.0702 res needed to bring stronger retracement to 1.0730/40.

On the downside, below 1.0635/40 would yield one more fall.
However, loss of downward momentum should keep price well above minor daily sup at 1.0601 today.

[B]DAILY MARKET OUTLOOK[/B]
Update Time: [B]07 Apr 2017[/B] [I]06:02 GMT[/I]

EUR/USD - 1.0644
Although euro has remained under pressure after yesterday’s rebound from a 3-week trough of 1.0630 to 1.0675 (New York), as recent decline from Mar’s 4-month peak at 1.0709 is losing downward momentum.
Minor daily sup at 1.0601 is expected to hold ahead of release of key U.S. jobs data later.

Above 1.0785/89 would bring stronger retracement of aforesaid fall to 1.0702.
However, reckon 1.0736/40 would cap upside.

[B]Data to be released on Friday: [/B]

Japan leading economic index, Swiss unemployment rate, Germany industrial production, current account, imports, exports, trade balance, France exports, imports, trade balance, current account, UK house prices, industrial production, manufacturing production, trade balance, Italy retail sales, Canada unemployment rate, employment change, Ivey PMI, U.S. average hourly earnings, unemployment rate, non-farm payrolls, private payrolls and wholesale inventories.

[B]DAILY MARKET OUTLOOK[/B]
Update Time: [B]10 Apr 2017[/B] [I]05:11 GMT[/I]

EUR/USD - 1.0582
Friday’s selloff to a 4-week low of 1.0581 confirms euro’s recent decline from March’s 1.0907 peak has resumed and as long as 1.0630 (previous sup, now res) holds, outlook remains mildly bearish for further weakness, oversold condition is likely to keep price above daily chart sup at 1.0525 today and risk has increased for a minor correction to take place soon.

A daily close above 1.0630 would signal temporary bottom has been made and yield 1-2 days of consolidation, bring stronger retracement towards 1.0667, however, reckon res at 1.0684/89 would cap upside.

[B]Data to be released today: [/B]
Japan current account, machine tool orders, Italy industrial output, EU sentix index and Canada housing starts.