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

AceTraderFx Apr 13: Daily Recommendations on Major -EUR/USD

flag_eur DAILY MARKET OUTLOOK on Major
Update Time : 13 Apr 2021 03:00GMT

EUR/USD - 1.1912
Despite euro’s daily sideways swings following early retreat from last Thursday’s 2-week high of 1.1927, as long as previous good sup at 1.1861/62 holds, corrective rise from Mar’s 4-1/2 month trough at 1.1705 would extend marginal gain, ‘loss of upward momentum’ should cap price below 1.1990 and yield decline.

A daily close below said sup signals 1st least the 1st leg of correction over and heads back to 1.1786/96 later this week.

On the data front, Germany will kick off with wholesale price index, then ZEW economic sentiment, current conditions n survey expectation. Italy will release industrial output.

AceTraderFx Apr 14: Daily Recommendations on Major -EUR/USD

flag_eur DAILY MARKET OUTLOOK on Major
Update Time : 14 Apr 2021 03:00GMT

EUR/USD - 1.1950
Yesterday’s break of last week’s 1.1927 high to 1.1955 due to usd’s weakness on falling US yields suggests recent corrective rise from 1.1705 (March) has resumed, loss of upward momentum is expected to cap price at 1.1988/90 and bring at least a strong retracement of aforesaid upmove.

A daily close below 1.1927 signals temporary top is in place and yields weakness to 1.1861/65 later this week.

On the data front, we have EU’s industrial production for Feb. A number of ECB officials including ECB President Lagarde will speak later today, please refer to our EI section for details.

AceTraderFx Apr 15: Daily Recommendations on Major -EUR/USD

flag_eur DAILY MARKET OUTLOOK on Major
Update Time : 15 Apr 2021 03:00GMT

EUR/USD - 1.1982
Despite euro’s resumption of recent upmove from March’s 4-1/2 month trough at 1.1705 to 1.1987 yesterday, loss of upward momentum would prevent strong gain above daily 1.1990 res and yield retreat, below 1.1927 (previous res, now sup) indicates top is in place and heads back towards 1.1878.

Only a daily close above psychological 1.2000 handle may risk stronger gain to 1.2045/50 before prospect of decline.

Data to be released on Thursday :
New Zealand food price index, Australia consumer inflation experience, employment change, unemployment rate.
Germany CPI, HICP, wholesale price index, France CPI, Italy CPI.
U.S. New York Fed manufacturing, initial jobless claims, continuous jobless claims, Philly Fed manufacturing index, retail sales, industrial production, capacity utilization, manufacturing output, business inventories, NAHB housing market index, Canada manufacturing sales, ADP employment change.

AceTraderFx Apr 16: Daily Recommendations on Major -EUR/USD

flag_eur DAILY MARKET OUTLOOK on Major
Update Time : 16 Apr 2021 03:00GMT

EUR/USD - 1.1970 Despite euro’s intra-day retreat after hitting a 5-week peak of 1.1993 (Europe), as long as 1.1952/57 sup holds, corrective rise from March’s 4-1/2 month bottom at 1.1705 may extend marginal gain, loss of upward momentum would cap price at 1.2024 and yield retracement of aforesaid rise.

A daily close below 1.1952 signals temporary top is made and heads back towards 1.1878 early next week.

Data to be released on Friday :
New Zealand manufacturing PMI, China housing prices, industrial output, retail sales.
Swiss producer/import price, Italy trade balance, EU trade balance, HICP.
U.S. building permits, housing starts, U. Mich. sentiment, Canada wholesale trade.

AceTraderFx Apr 19: Daily Recommendations on Major -EUR/USD

DAILY MARKET OUTLOOK on Major
Update Time : 19 Apr 2021 03:00GMT

EUR/USD - 1.1973
Despite Friday’s retreat from a fresh 5-week peak of 1.1994, as long as 1.1951 sup (Friday low) holds, euro’s recent corrective upmove would extend marginal gain after consolidation, however, loss of upward momentum would limit upside to 1.2027 and yield decline later today or tomorrow.

A daily close below 1.1951 signals long-awaited retracement has occurred and would head back to 1.1927 1st, then 1.1695/00.

Data to be released today :
U.K. rightmove house price, Japan exports, imports, trade balance, industrial output, capacity utilization, industrial output, EU construction output, current account on Monday.

AceTraderFx Apr 20: Daily Recommendations on Major -EUR/USD

flag_eur DAILY MARKET OUTLOOK on Major
Update Time : 20 Apr 2021 03:00GMT

EUR/USD - 1.2043
Euro’s rally on Monday above last week’s 1.1994 high (now sup) to a 6-week top at 1.2048 suggests recent rise from March’s 4-1/2 month bottom at 1.1705 would extend marginal gain, near term loss of upward momentum should cap price below March’s peak at 1.2112 and yield decline later this week.

A daily close below 1.1994 anytime indicates said upmove has made a top, then stronger retracement towards 1.1943 would follow.

Data to be released on Tuesday :
Japan tertiary industry index, Germany producer prices.
U.K. claimant count, ILO unemployment rate, employment change, average weekly earnings.
U.S. redbook.

AceTraderFx Apr 21: Daily Recommendations on Major -EUR/USD

flag_eur DAILY MARKET OUTLOOK on Major
Update Time : 21 Apr 2021 03:00GMT

EUR/USD - 1.2038
Although euro’s retreat from Tuesday’s 6-week peak of 1.2079 to 1.2023 (NY) suggests recent upmove from 1.1705 (March) has made a temporary top, as long as 1.1994 (previous res, now sup) holds, mild upside bias remains for marginal gain, ‘loss of upward momentum’ should cap price below daily res at 1.2112 and yield strong retracement of aforesaid rise later today or tomorrow.

Below 1.1994 anytime signals long-awaited correction has taken place and would head back towards 1.1943.

Data to be released on Wednesday :
New Zealand CPI, Australia Westpac leading index, retail sales.
U.K. core CPI, CPI, RPI, core RPI, PPI input prices, PPI output prices, PPI core output prices, DCLG house price index.
U.S. MBA mortgage application, Canada CPI, CPI BoC core, core CPI, Bank of Canada interest rate decision.

AceTraderFx Apr 22: Daily Recommendations on Major -EUR/USD

flag_eur DAILY MARKET OUTLOOK on Major
Update Time : 22 Apr 2021 03:00GMT

EUR/USD - 1.2037
Yesterday’s rebound from 1.1999 to 1.2038 (New York) suggests pullback from Tuesday’s 6-week peak at 1.2079 has possibly ended and above 1.2043/48 would bring re-test of said res, loss of upward momentum should cap price below 1.2112 (March high) and bring correction later today or tomorrow.

Below 1.1994/99 anytime signals recent upmove from 1.1705 has made a top, then stronger retracement towards 1.1943 would follow.

Market focus today will be the European Central Bank meeting with refinancing rate and deposit rate scheduled to be released at 11:45 GMT. Traders should pay close attention to President Christine Lagarde’s press conference at 12:30 GMT

AceTraderFx Apr 23: Daily Recommendations on Major -EUR/USD

flag_eur DAILY MARKET OUTLOOK on Major
Update Time : 23 Apr 2021 03:00GMT

EUR/USD - 1.2014
Euro’s brief break of Wednesday’s 1.1999 low to 1.1994 Thursday in post-ECB New York strongly suggests recent upmove from March’s 4-1/2 month bottom at 1.1705 has made a temporary at 1.2079 (Tuesday) and consolidation with downside bias is in store for further weakness, near term oversold condition is likely to keep price above this week’s trough at 1.1943 (Monday) and bring recovery.

On the upside, only above 1.2069 (New York high) risks re-test of 1.2079 but loss of upward momentum should cap price below daily res at 1.2112.

Today is PMI day in the euro area countries, please refer to our EI page for details n pay attention to Germany’s n the EU’s Markit mfg n services PMIs at 07:30GMT n 08:00GMT respectively, if actual readings come in lower than street forecast, then expect euro to come under renewed selling pressure.
ECB President Lagarde will participate in the panel on climate change organised by Mike Bloomberg at 14:30GMT.

AceTraderFx Apr 26: Daily Recommendations on Major -EUR/USD

flag_eur DAILY MARKET OUTLOOK on Major
Update Time : 26 Apr 2021 03:00GMT

EUR/USD - 1.2093
Euro’s break of last Tuesday’s 1.2079 top to a 7-week peak of 1.2099 Fri on renewed usd’s weakness suggests recent upmove has once again resumed and would re-test 1.2112 (Mar peak), overbought condition is likely to cap price at 1.2155/65.

On the downside, only below 1.2047 (New York low) signals temporary top is in place, then risk is seen for stronger retracement to 1.1994/94 later this week.

Pay attention to release of a slew of key German Ifo data n in particular the business climate for Apr, street forecast is 97.7 vs prev. reading of 96.6, a stronger-than-expected reading would trigger more euro buying. ECB member Panneta will speak at 12:00GMT n then ECB Chief Economist Lane will soeak at 13:00GMT.

AceTraderFx Apr 27: Daily Recommendations on Major -EUR/USD

flag_eur DAILY MARKET OUTLOOK on Major
Update Time : 27 Apr 2021 03:00GMT

UR/USD - 1.2080
Euro’s retreat from Monday’s 8-week high of 1.2116 to 1.2062 suggests recent strong upmove has possibly made a temporary top and subsequent bounce to 1.2094 would bring initial consolidation in Asia, below 1.2062 would yield retracement to 1.2047, then later towards 1.1994.

Only above 1.2116 risks marginal gain, however, loss of upward momentum should cap price well below 1.2169 and yield a long-overdue correction ahead of Wednesday’s key FOMC announcement.

Economic calendar in the euro area countries is pretty light with data due out from Italy (please see EI page for details) which will be overlooked by traders.

AceTraderFx Apr 28: Daily Recommendations on Major -EUR/USD

flag_eur DAILY MARKET OUTLOOK on Major
Update Time : 28 Apr 2021 03:00GMT

EUR/USD - 1.2088
Yesterday’s rebound from 1.2057 to 1.2091 suggests pullback from Monday’s 8-week high at 1.2116 has ended and recent strong upmove from 1.1705 (March) would yield marginal gain, loss of upward momentum should cap euro at 1.2160/69 and yield a long-overdue correction.

A daily close below 1.2057 would be 1st signal temporary top is made, then stronger retracement towards chart objective at 1.1994 would follow later this week.

The euro area countries will release a slew of eco. data (please refer to our EI page for details), pay attention to German Gfk consumer confidence at 06:00GMT.
ECB President Lagarde Lagarde will speak at a forum named “Global Leaders Series” at 14:00GMT.

AceTraderFx Apr 29: Daily Recommendations on Major -EUR/USD

flag_eur DAILY MARKET OUTLOOK on Major
Update Time : 29 Apr 2021 03:00GMT

EUR/USD - 1.2134
Euro’s intra-day rally above Monday’s 1.2116 high to a fresh 8-week peak of 1.2134 Wednesday after Fed’s dovish hold suggests recent strong upmove from March’s 4-1/2 month trough at 1.1705 would head to 1.2175/80, however, overbought condition should prevent strong gain and reckon 1.2200/10 would cap upside and yield a long-overdue correction.

A daily close below 1.2102 would signal temporary top is in place and heads back towards 1.2057 but 1.1994/99 should contain weakness.

Data to be released on Thursday :
New Zealand imports, trade balance, exports, NBNZ business outlook, NBNZ outlook activity, Australia export prices, import prices.
U.K. nationwide house price, Germany import prices, unemployment change, unemployment rate, CPI, HICP, Italy producer prices, EU economic sentiment, industrial sentiment, services sentiment, consumer confidence, business climate.
US GDP, GDP deflator, PCE prices, initial jobless claims, continuous jobless claims, pending home sales, Canada average weekly earnings.

AceTraderFx Apr 30: Daily Recommendations on Major -EUR/USD

flag_eur DAILY MARKET OUTLOOK on Major
Update Time : 30 Apr 2021 03:00GMT

EUR/USD - 1.2125
Despite euro’s retreat from Thursday’s fresh 8-week high of 1.2149, as long as 1.2092/02 area holds, marginal gain is envisaged but loss of momentum should cap price below 1.2200 and yield retracement of upmove from 1.1705 (March low).

Below 1.2092 confirms temporary top is made and yields a long-overdue correction to 1.2057, then towards 1.1994 next week.

Data to be released on Friday :
Japan Tokyo CPI, unemployment rate, industrial output, Jibun bank manufacturing PMI, construction orders, housing starts, consumer confidence, China NBS manufacturing PMI, NBS non-manufacturing PMI, Australia PPI.
France GDP, CPI, producer prices, U.K. nationwide house price, Swiss retail sales, KOF indicators, Italy unemployment rate, GDP, CPI, Germany GDP, EU HICP, GDP, unemployment rate.
U.S. personal income, personal spending, PCE price index, employment wages, employment costs, Chicago PMI, U. Mich. sentiment, Canada GDP, producer prices, budget balance.

AceTraderFx May 03 : Daily Recommendations on Major -EUR/USD

flag_eur DAILY MARKET OUTLOOK on Major
Update Time : 03 May 2021 03:00GMT

EUR/USD - 1.2030
Euro’s selloff below previous 1.2057 sup on Friday to a near 1-week low at 1.2017 due to broad-based short covering in usd suggests recent upmove has made a temporary top at Thursday’s 8-week peak of 1.2149 and below 1.1994 would bring stronger correction towards 1.1948 ‘later’ this week.

Only a daily close above 1.2057 yields stronger recovery but 1.2103 (Thursday’s low, now res) should cap upside and yield another fall ahead of Friday’s key U.S. jobs data.

Data to be released today :
Australia AIG manufacturing index, manufacturing PMI.
Germany retail sales, Swiss manufacturing PMI, Italy markit manufacturing PMI, France markit manufacturing PMI, Germany markit manufacturing PMI, EU markit manufacturing PMI.
Canada markit manufacturing PMI, U.S. markit manufacturing PMI, construction spending, ISM manufacturing PMI on Monday.

AceTraderFx May 04 : Daily Recommendations on Major -EUR/USD

flag_eur DAILY MARKET OUTLOOK on Major
Update Time : 04 May 2021 03:00GMT

EUR/USD - 1.2053
Euro’s rally on Mon from 1.2014 (Europe) to 1.2075 due to usd’s weakness in New York suggests 1st leg of correction fm Apr’s 8-week peak at 1.2149 has ended and 1-2 days of choppy consolidation is in store.

Expect 1.2116 to cap intra-day gain and yield decline, below 1.2035/40 signals recovery over and yields re-test of 1.2014, then 1.1994 later.

Data to be released on Tuesday :
Australia trade balance, imports, exports, RBA interest rate decision.
France budget balance, Swiss consumer confidence, U.K. markit manufacturing PMI.
U.S. trade balance, redbook, ISM New York index, durables ex-defense, durable goods, factory orders, durable ex-transport, Canada building permits, trade balance, exports, imports, New Zealand GDT price index.

AceTraderFx May 05 : Daily Recommendations on Major -EUR/USD

flag_eur DAILY MARKET OUTLOOK on Major
Update Time : 05 May 2021 03:00GMT

EUR/USD - 1.2017
Despite euro’s recovery after yesterday’s resumption of recent decline from April’s 8-week peak of 1.2149 to 1.2000 (Europe), outlook remains mildly bearish for one more fall, however, near term loss of downward momentum should keep price above sup at 1.1943 and bring rebound later today or tomorrow.

Only a daily close above 1.2035 (Tuesday’s New York high) signals temporary low is in place and may risk stronger retracement towards 1.2075 before another fall.

Today is PMI day in the euro area countries, pls refer to our EI page for details n pay attention to Markit services PMI for Germany n the EU at 07:55GMT n 08:00GMT respectively, if actual readings come in below street forecast, euro will fall b4 prospect of recovery. ECB Board member Lane will participate in a financial event at 14:00GMT.

AceTraderFx May 06 : Daily Recommendations on Major -EUR/USD

flag_eur DAILY MARKET OUTLOOK on Major
Update Time : 06 May 2021 03:00GMT

EUR/USD - 1.2006
Despite Wednesday’s resumption of recent decline to a 2-week trough of 1.1987, near term loss of downward momentum would prevent steep fall and reckon daily sup at 1.1943 should remain intact and yield a long-overdue retracement.

Above 1.2035 signals temporary low is in place and may head back to 1.2055/65 before prospect of another fall tomorrow.

On the eco. data front, Germany will kick off with industrial orders, then EU will release economic bulletin n retail sales. Pay attention to speeches by several ECB officials (pls refer to our EI page for details), ECB President Lagarde will speak at a conference organised by European Commision at 11:25GMT.

AceTraderFx May 07 : Daily Recommendations on Major -EUR/USD

flag_eur DAILY MARKET OUTLOOK on Major
Update Time : 07 May 2021 03:00GMT

EUR/USD - 1.2065
Although Thur’s impressive rise from 1.1994 to 1.2071 (New York) due to renewed usd’s weakness on return of risk appetite suggests early decline from April’s 8-week peak at 1.2149 has made a low at 1.1987 (Wednesday), a daily close above 1.2075 needed to turn outlook bullish for further gain towards 1.2149 next week.

On the downside, a firm break of 1.2035 would signal recovery has ended, then risk would shift to downside for re-test of 1.1987.

The euro area countries will release a slew of eco. data, pls refer to our EI page for details. ECB President Lagarde wlll speak at a forum called the State of the Union 2021at 10:00GMT.

AceTraderFx May 10 : Daily Recommendations on Major -EUR/USD

flag_eur DAILY MARKET OUTLOOK on Major
Update Time : 10 May 2021 03:00GMT

EUR/USD - 1.2173
Euro’s rally on Friday in New York from 1.2059 to a 9-week high of 1.2171 due to broad-based usd’s selloff following big miss in U.S. payrolls suggests recent upmove from 1.1705 (March) would extend further gain, overbought condition should cap price below daily pivotal res at 1.2242 (February peak).

On the downside, only below 1.2090 signals temporary top is in place and may risk stronger retracement towards 1.2059 later.

On the data front, the only eco. indicator due out is EU’s Sentix investor confidence for May, street forecast is 14.0 vs prev. reading of 13.1.