AceTraderFx Oct 10: Daily Recommendations on Major -EUR/USD
DAILY MARKET OUTLOOK on Major
Update Time: 10 Oct 2019 03:30GMT
EUR/USD - 1.0985
Euro’s rebound from 1.0942 (Tue) to 1.0989 yesterday suggests pullback from Tue’s 11-day high at 1.1000 has ended and near term upmove from Oct’s fresh 28-month bottom at 1.0880 would extend marginal gain after consolidation, loss of upward momentum would limit upside to 1.1025 and yield decline later today or tomorrow.
On the downside, a daily close below 1.0942 sup would signal said correction has ended, then further weakness towards 1.0905 would follow.
On the data front, Germany will kick off with exports, imports and trade balance, then France’s industrial output and then the same from Italy. Pay particular attention to release of minutes of last ECB monetary policy meeting at 11:30GMT.
AceTraderFx Oct 14: Daily Recommendations on Major -EUR/USD
DAILY MARKET OUTLOOK on Major
Update Time: 14 Oct 2019 03:30GMT
EUR/USD - 1.1026
Despite euro’s resumption of recent erratic upmove from October’s fresh 28-month trough at 1.0880 to a 2-1/2 week high at 1.1062 Friday, subsequent retreat to 1.1025 in Asia today suggests temporary top made and range trading would be seen before prospect of another rise, however, reckon 1.1109 (September’s top) would remain intact.
On the downside, only below 1.1000 would yield stronger retracement to 1.0968/71 but 1.0942 should hold.
On the data front, we have Germany’s whole price index for Sep n then EU’s industrial production. ECB Vice President Guindos will make an opening speech at a financial event in Madrid at 07:15 GMT.
AceTraderFx Oct 15: Daily Recommendations on Major -EUR/USD
DAILY MARKET OUTLOOK on Major
Update Time: 15 Oct 2019 03:30GMT
EUR/USD - 1.1026
Despite euro’s narrow movement in Monday’s session as market was was on the yen and sterling, subsequent rebound from 1.1014 (Europe) suggests pullback from last Friday’s near 3-week high at 1.1062 has ended and recent upmove from October’s fresh 28-month bottom at 1.0880 would resume after consolidation, however, loss of upward momentum should cap price below 1.1109 (Sep peak).
On the downside, only a daily close below 1.1000 (previous res, now sup) may risk stronger retracement of aforesaid rise towards 1.0968 but sup at 1.0942 should remain intact.
On the data front, France will kick off with final CPI, then Germany’s ZEW eco. sentiment n Zew current condition n lastly EU’s eco. sentiment. We have ECB’s Knot speaking at Dutch cenbank press conference in Amsterdam at 09:30GMT.
AceTraderFx Oct 16: Daily Recommendations on Major -EUR/USD
DAILY MARKET OUTLOOK on Major
Update Time: 16 Oct 2019 03:30GMT
EUR/USD - 1.1030
Yesterday’s rebound from 1.0992 to 1.1044 in New York morning on Brexit deal hope suggests pullback from last Fri’s near 3-week high at 1.1062 has ended and recent upmove from October’s 28-month bottom would resume after consolidation, however, loss of upward momentum should cap price below daily res at 1.1109.
Only below 1.0992 aborts bullishness on the single currency and risk would shift to the downside for stronger retracement to 1.0968, possibly towards 1.0942 later this week.
Data to be released on Wednesday:
New Zealand CPI, Australia Westpac leading index.
Italy industrial orders, industrial sales, consumer prices, CPI, UK DCLG house price index, core CPI, CPI, RPI, core RPI, PPI input prices, PPI output prices, PPI core output, EU trade balance, HICP final, core HICP.
U.S. MBA mortgage application, retail sales ex-autos, retail sales, business inventories, NAHB housing market index and Canada CPI, CPI BoC core and core CPI.
AceTraderFx Oct 17: Daily Recommendations on Major -EUR/USD
DAILY MARKET OUTLOOK on Major
Update Time: 17 Oct 2019 03:30GMT
EUR/USD - 1.1082
Yesterday’s rally above last Fri’s 1.1062 high to a near 1-month peak at 1.1085 in New York on usd’s weakness suggests recent upmove from Oct’s 28-month trough of 1.0880 would head towards 1.1109 (September’s high) after consolidation, break would yield 1.1164 before prospect of correction.
On the downside, only below 1.1023 would indicate temporary top is in place and risk weakness to 1.0992/00.
Data to be released on Thursday:
Australia employment change, unemployment rate.
Swiss trade balance, exports, imports, Italy trade balance, trade balance non-EU, UK retail sales, retail ex-fuel, EU construction output.
U.S. building permits, housing starts, initial jobless claims, industrial production, capacity utilization, manufacturing output and Canada manufacturing sales, ADP employment change
AceTraderFx Oct 18: Daily Recommendations on Major -EUR/USD
DAILY MARKET OUTLOOK on Major
Update Time: 18 Oct 2019 03:30GMT
EUR/USD - 1.1125
Thur’s resumption of recent upmove and intra-day break above Sep’s 1.1109 high to a 6-week peak of 1.1139 (Europe) suggests euro’s rise from Oct’s fresh 218-month bottom at 1.0880 would head to 1.1180/90 after consolidation, overbought condition should prevent strong gain.
On the downside, only a daily close below 1.1085 signals temporary top is made, then risk would shift to downside for stronger retracement twd 1.1023 early next week.
The European Council is holding a special Brexit summit today n on the dat front, we have EU’s current account. ECB President n ECB’s Coeure will particpate in IMF/World Bank meetings (to Oct 19) in Washington D.C.
AceTraderFx Oct 21: Daily Recommendations on Major -EUR/USD
DAILY MARKET OUTLOOK on Major
Update Time: 21 Oct 2019 03:30GMT
EUR/USD - 1.1159
Euro’s rise to a fresh 6-week peak at 1.1173 near New York closing on Friday suggests upmove from October’s 28-month trough at 1.0880 remains in progress and further gain to 1.1194, then 1.1209/10 would be seen, however, loss of momentum would keep price below 1.1240/50 and yield a much-needed correction later this week.
On the downside, only below 1.1115 would indicate a temporary top has been made and risk stronger retracement to 1.1085 but support at 1.1066 should remain intact.
Germany will release its producer prices at 06:00GMT whilst the Bundesbank will issue its monthly report at 10:00GMT.
AceTraderFx Oct 22: Daily Recommendations on Major -EUR/USD
DAILY MARKET OUTLOOK on Major
Update Time: 22 Oct 2019 03:30GMT
EUR/USD - 1.1153
Although price has retreated after yesterday’s brief break of Friday’s high at 1.1173 to a 2-month peak at 1.1179 and minor consolidation would be seen, as 1.1140 has contained downside, upside bias remains and above said resistance would extend upmove from October’s 28-month trough at 1.0880 to 1.1209/10 later before prospect of correction due to loss of momentum.
On the downside, only below 1.1102 would indicate a temporary top has been made and risk stronger retracement to 1.1085/90 before rebound occurs.
Since there is no major economic data being released from eurozone today, traders should keep an eye on the eur/gbp cross.
AceTraderFx Oct 23: Daily Recommendations on Major -EUR/USD
DAILY MARKET OUTLOOK on Major
Update Time: 23 Oct 2019 03:30GMT
EUR/USD - 1.1129
Although price has retreated after Monday’s brief break of Friday’s high at 1.1173 to a 2-month peak at 1.1179 and minor consolidation would be seen, as 1.1140 has contained downside, upside bias remains and above said resistance would extend upmove from October’s 28-month trough at 1.0880 to 1.1209/10 later before prospect of correction due to loss of momentum.
On the downside, only below 1.1102 would indicate a temporary top has been made and risk stronger retracement to 1.1085/90 before rebound occurs.
Pay attention to the release of EU consumer confidence at 14:00GMT. Street forecast is -6.7, down from previous reading of -6.5. Elsewhere, ECB’s Andrea Enria is scheduled to speak at an event in Madrid at 08:45GMT.
AceTraderFx Oct 24: Daily Recommendations on Major -EUR/USD
DAILY MARKET OUTLOOK on Major
Update Time: 24 Oct 2019 03:30GMT
EUR/USD - 1.1137
Although price has retreated after Monday’s brief break of Friday’s high at 1.1173 to a 2-month peak at 1.1179 and minor consolidation would be seen, as 1.1107 has contained downside yesterday, upside bias remains and above said resistance would extend upmove from October’s 28-month trough at 1.0880 to 1.1209/10 later before prospect of correction due to loss of momentum.
On the downside, only below 1.1102 would indicate a temporary top has been made and risk stronger retracement to 1.1085/90 before rebound occurs.
Market focus is on the European Central Bank’s rate decision at 11:45GMT. No changes in policy are expected at President Mario Draghi’s last meeting before passing the reigns to Christine Lagarde. Draghi will deliver his final press conference at 12:30GMT.
AceTraderFx Oct 25: Daily Recommendations on Major -EUR/USD
DAILY MARKET OUTLOOK on Major
Update Time: 25 Oct 2019 03:30GMT
EUR/USD - 1.1103
The single currency’s cable-led selloff from 1.1162 to as low as 1.1094 yesterday suggests recent upmove from October’s 28-month trough at 1.0880 has made a temporary top at Monday’s 2-month peak at 1.1179 on Monday and consolidation with downside bias remains for retracement to 1.1070/75, however, near term loss of momentum would keep price above 1.1062/66 and yield correction later.
On the upside, only above 1.1162 would confirm pullback is over and bring re-test of said high, break would extend to 1.1209/10 before prospect of retreat.
Pay attention to the release of German Ifo data at 08:00GMT. Street forecasts for business climate, current conditions and expectations are 94.5, 98.0 and 91.0 vs previous readings of 94.6, 98.5 and 90.8 respectively.
AceTraderFx Nov 01: Daily Recommendations on Major -EUR/USD
DAILY MARKET OUTLOOK on Major
Update Time: 01 Nov 2019 03:30GMT
EUR/USD - 1.1150
Although euro’s rally in post-FOMC on Wednesday to 1.1175 yesterday suggests correction from October’s 2-month peak at 1.1179 has ended last week at 1.1074, subsequent retreat due to broad-based selling in EUR especially vs yen would bring sideways trading ahead of release of key U.S. jobs report.
As long as previous res area (now sup) at 1.1122-26 holds, upmove from October’s 28-month bottom at 1.0880 is likely to head towards 1.1249 next week. A daily close below 1.1100 would risk weakness towards 1.1074, break may extend towards 1.1023.
There is no eco. data due out from the euro area countries, so are eyes are on U.S. NFP and average earnings. So be nimble and be quick when the data come out at 12:30GMT.
AceTraderFx Nov 05: Daily Recommendations on Major -EUR/USD
DAILY MARKET OUTLOOK on Major
Update Time: 05 Nov 2019 03:30GMT
EUR/USD - 1.1130
The single currency’s selloff from yesterday’s high at 1.1175 and subsequent break of previous support at 1.1129 to 1.1122 today suggests further choppy trading below October’s 2-month peak at 1.1179 would continue with downside bias and weakness to 1.1103, then 1.1081/85 would be seen, however, oversold condition would keep price above reaction low at 1.1074 and yield rebound later.
On the upside, only above 1.1175/79 would revive bullishness for stronger gain to 1.1223 before prospect of a correction later this week.
Pay attention to the release of EU PPI mm and yy at 10:00GMT. Street forecasts are 0.1% and -1.2% vs previous readings of -0.5% and -0.8% respectively.
AceTraderFx Nov 06: Daily Recommendations on Major -EUR/USD
DAILY MARKET OUTLOOK on Major
Update Time: 06 Nov 2019 03:30GMT
EUR/USD - 1.1071
The single currency’s selloff from yesterday’s high at 1.1140 and subsequent break of previous support at 1.1074 to 1.1064 suggests decline from October’s 2-month peak at 1.1179 has once again resumed and consolidation with downside bias remains for weakness to 1.1020/23, however, oversold condition would keep price above 1.0990/00 and yield correction later.
On the upside, only above 1.1175/79 would revive bullishness for stronger gain to 1.1223 before prospect of a correction later this week.
There is a slew of data from the eurozone today. Pay particular attention to the release of services PMIs from Germany, France and EU and EU retail sales.
AceTraderFx Nov 07: Daily Recommendations on Major -EUR/USD
DAILY MARKET OUTLOOK on Major
Update Time: 07 Nov 2019 03:30GMT
EUR/USD - 1.1068
The single currency’s selloff from Tuesday’s high at 1.1140 and subsequent break of previous support at 1.1074 to 1.1064 the same day suggests decline from October’s 2-month peak at 1.1179 has once again resumed and consolidation with downside bias remains for weakness to 1.1020/23, however, oversold condition would keep price above 1.0990/00 and yield correction later.
On the upside, only above 1.1175/79 would revive bullishness for stronger gain to 1.1
Pay attention to the release of German industrial production mm and yy at 07:00GMT. Street forecasts are -0.4% and 2.9% vs previous readings of 0.3% and -3.7% respectively.
AceTraderFx Nov 11: Daily Recommendations on Major -EUR/USD
DAILY MARKET OUTLOOK on Major
Update Time: 11 Nov 2019 03:30GMT
EUR/USD - 1.1022
The single currency’s fall to a 3-week trough at 1.1037 last Thursday, then to 1.1017 last Friday suggests decline from October’s 2-month peak at 1.1179 has once again resumed and stronger retracement of upmove from 1.0880 to 1.0980/90 would be seen. However, loss of momentum would keep price above support at 1.0942 and yield a correction later this week.
On the upside, only above 1.1074 would indicate a temporary low has been made and risk stronger gain to 1.1091 before prospect of retreat.
As there is no major economic data being released from the eurozone today, pay attention to Chair of ECB supervisory board Andrea Enria’s speech at the 20th Handelsblatt annual conference at 09:30GMT.
AceTraderFx Nov 12: Daily Recommendations on Major -EUR/USD
DAILY MARKET OUTLOOK on Major
Update Time: 12 Nov 2019 03:30GMT
EUR/USD - 1.1034
The single currency’s fall to a 3-week trough at 1.1017 last Friday suggests decline from October’s 2-month peak at 1.1179 has once again resumed and yesterday’s rebound would yield consolidation before stronger retracement of upmove from 1.0880 to 1.0980/90 would be seen. However, loss of momentum would keep price above support at 1.0942 and yield a correction later this week.
On the upside, only above 1.1074 would indicate a temporary low has been made and risk stronger gain to 1.1091 before prospect of retreat.
Pay attention to the release of German ZEW economic sentiment and current conditions at 10:00GMT. Street forecasts are -13.0 and -22.0 vs previous readings of -22.8 and -25.3 respectively.
AceTraderFx Nov 13: Daily Recommendations on Major -EUR/USD
DAILY MARKET OUTLOOK on Major
Update Time: 13 Nov 2019 03:30GMT
EUR/USD - 1.1015
The single currency’s fall to a 4-week trough at 1.1003 yesterday on cross-selling in euro suggests decline from October’s 2-month peak at 1.1179 has once again resumed and stronger retracement of upmove from 1.0880 to 1.0980/90 would be seen. However, loss of momentum would keep price above support at 1.0942 and yield a correction later this week.
On the upside, only above 1.1074 would indicate a temporary low has been made and risk stronger gain to 1.1091 before prospect of retreat.
Pay attention to the release of EU industrial production at 10:00GMT.
Street forecasts for mm and yy are -0.3% and -2.3% vs previous readings of 0.4% and -2.8% respectively.
AceTraderFx Nov 14: Daily Recommendations on Major -EUR/USD
DAILY MARKET OUTLOOK on Major
Update Time: 14 Nov 2019 03:30GMT
EUR/USD - 1.1007
The single currency’s fall to a 4-week trough at 1.0996 yesterday on risk aversion suggests decline from October’s 2-month peak at 1.1179 has once again resumed and stronger retracement of upmove from 1.0880 to 1.0965/68 would be seen.
However, loss of momentum would keep price above support at 1.0942 and yield a correction later this week.
On the upside, only above 1.1074 would indicate a temporary low has been made and risk stronger gain to 1.1091 before prospect of retreat.
Pay attention to the release of EU GDP qq and yy for Q3 at 10:00GMT. Street forecasts are for unchanged readings at 0.2% and 1.1% respectively.
AceTraderFx Nov 15: Daily Recommendations on Major -EUR/USD
DAILY MARKET OUTLOOK on Major
Update Time: 15 Nov 2019 03:30GMT
EUR/USD - 1.1026
Despite the single currency’s fall to a 1-month trough at 1.0990 yesterday, subsequent strong rebound to 1.0027 in New York on dollar’s broad-based weakness suggests recent decline from October’s 2-month peak at 1.1179 has made a temporary low there and consolidation with upside bias remains for stronger retracement to 1.1043, then 1.1074 before prospect of retreat early next week.
On the downside, only below 1.0990 would revive bearishness for weakness to 1.0968 but loss of momentum would keep price above support at 1.0942, yield rebound.
There is a slew of data to be released from the eurozone at 10:00GMT, including Italy inflation, EU trade balance and HICP. One should also pay attention to ECB board member Yves Mersch’s speech at 08:00GMT at an event organised by the European Society for Banking and Financial Law in Paris.