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

Trading Discussion Currencies
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AceTraderFx Dec 02: Daily Recommendations on Major -EUR/USD

DAILY MARKET OUTLOOK on Major
Update Time: 02 Dec 2019 03:30GMT

EUR/USD - 1.1018
Despite the single currency’s fall to a 6-week trough at 1.0982 on Friday, subsequent strong rebound suggests 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 1.1032, however, 1.1048/53 should remain intact and yield another retreat towards said support later.

On the upside, only above 1.1048/53 would risk stronger gain to 1.1086, then 1.1096 before prospect of pullback later this week.

France and Germany will release their manufacturing PMIs at 08:50GMT and 08:55GMT.

Street forecasts are for unchanged figures of 51.6 and 43.8 respectively. Also keep an eye out on comments from ECB’s President Christine Lagarde, who is due to speak at 14:00GMT.

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

DAILY MARKET OUTLOOK on Major
Update Time: 03 Dec 2019 03:30GMT

EUR/USD - 1.1075

Despite the single currency’s fall to a 6-week trough at 1.0982 on Friday, subsequent rally to as high as 1.1089 yesterday on usd’s broad-based weakness suggests 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 1.1096, then 1.1113, however, 1.1140 should remain intact and yield another retreat later.

On the downside, only below 1.1028 would indicate aforesaid recovery has ended and risk weakness to 1.1004, however, said 1.0982 low would remain intact.

Pay attention to the release of EU produce prices at 10:00GMT. Street forecasts for mm and yy are 0.0% and -1.9% vs previous readings of 0.1% and -1.2% respectively.

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

DAILY MARKET OUTLOOK on Major
Update Time: 04 Dec 2019 03:30GMT

EUR/USD - 1.1083
Despite the single currency’s fall to a 6-week trough at 1.0982 on Friday, subsequent rally to 1.1089 on Monday, then 1.1093 yesterday due to usd’s broad-based weakness suggests 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 1.1113 but loss of momentum would keep price below 1.1140.

On the downside, only below 1.1028 would indicate aforesaid recovery has ended and risk weakness to 1.1004, however, said 1.0982 low would remain intact.

Data to be released on Wednesday :

Australia AIG services index, GDP, capital expenditure, Japan Jibun Bank services PMI, China Caixin services PMI.

Italy Markit services PMI, France Markit services PMI, Germany Markit services PMI, EU Markit services PMI, UK Markit services PMI.

U.S. MBA mortgage applications, ADP employment change, Markit services PMI, ISM non-manufacturing PMI, and Canada labour productivity rate, Bank of Canada interest rate decision.

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

DAILY MARKET OUTLOOK on Major
Update Time: 05 Dec 2019 03:30GMT

EUR/USD - 1.1081
Although price has retreated after yesterday’s rise to a near 1-month peak at 1.1115 and minor consolidation would be seen in Asia, as said move signals upmove from last Friday’s low at 1.0982 to retrace decline from October’s 2-month peak at 1.1179 has resumed, upside bias remains and above 1.1115 would extend to 1.1140. However, aforesaid top at 1.1179 should hold on first testing.

On the downside, only below 1.1048 would indicate a temporary top has been made and risk stronger retracement to 1.1004 before prospect of recovery.

Data to be released on Thursday :
Australia retail sales, trade balance, imports, exports.
Germany industrial orders, EU employment change, GDP, retail sales.
U.S. trade balance, initial jobless claims, durables ex-defense, durable goods, durables ex-transport, factory order, and Canada Ivey PMI.

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

DAILY MARKET OUTLOOK on Major
Update Time: 06 Dec 2019 03:30GMT

EUR/USD - 1.1104
Euro’s rebound to 1.1108 suggests pullback from this week’s high at 1.1115 (Wednesday) has ended and above said res would extend upmove from last Fri’s 6-week bottom at 1.0982 marginally higher after consolidation, however, loss of upward momentum should cap price below 1.1179 (Oct’s peak) today.

On the downside, only a daily close below 1.1066 sup signals top is made and risk would shift to downside for stronger retracement towards 1.1028.

On the data front, the euro area countries will release a slew of eco. indicators starting with Germany’s industrial output, France’s current account, trade balance, exports and imports, then Italy will release retail sales.

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AceTraderFx Dec 09: Daily Recommendations on Major -EUR/USD

DAILY MARKET OUTLOOK on Major
Update Time: 09 Dec 2019 04:00GMT

EUR/USD - 1.1055

Despite Friday’s initial firmness, failure to re-test Wed’s 4-week high of 1.1115 and intra-day selloff from 1.1109 (Europe) to as low as 1.1041 after robust U.S. jobs data suggests early upmove from Nov’s 6-week bottom at 1.0982 has made a top there and consolidation with downside bias is seen for a strong retracement of said rise, near term oversold condition would keep price above 1.1004.

On the upside, above 1.1080/90 would be the 1st signal pullback has ended and may head back to 1.1100/10 later today or tomorrow.

On the data front, we have Germany’s exports, imports, current account n trade balance at 07:00GMT, then EU’s Sentix investor sentiment at 09:30GMT.

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

DAILY MARKET OUTLOOK on Major

Update Time: 10 Dec 2019 03:30GMT

EUR/USD - 1.1064

Despite yesterday’s rebound to 1.1078, subsequent retreat suggests further choppy trading below last Wednesday’s 4-week peak at 1.1115 would continue with mild downside bias, however, Friday’s low at 1.1041 should remain intact and yield another rise towards said top, break would extend recent upmove from 1.0982 to 1.1140 later.

On the downside, only below 1.1041 would revive bearishness for stronger retracement of aforesaid upmove to 1.1004 but 1.0982 should hold on first testing.

Pay attention to the release of Germany ZEW economic sentiment and current conditions at 10:00GMT. Street forecasts are 0.0 and -22.3 vs previous readings of -2.1 and -24.7 respectively.

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AceTraderFx Dec 11: Daily Recommendations on Major -EUR/USD

DAILY MARKET OUTLOOK on Major
Update Time: 11 Dec 2019 03:30GMT

EUR/USD - 1.1093
Despite euro’s selloff from last Wednesday’s 4-week peak at 1.1115 to 1.1041 last Friday, subsequent rebound to 1.1078 on Monday, then higher to 1.1097 yesterday suggests the pullback is over and consolidation with upside bias remains for a re-test of said resistance, break would extend recent upmove from 1.0982 towards 1.1140 before prospect of retreat later this week.

On the downside, only below 1.1041 would indicate a temporary top has been made and risk stronger retracement to 1.1004 but 1.0982 should hold on 1st testing.

Data to be released on Wednesday :
New Zealand retail sales, UK YouGov final MRP poll release, Australia consumer sentiment, Japan corporate goods price, producer price index, Canada capital utilization, and U.S. MBA mortgage applications, CPI, core CPI, real weekly earnings, Federal budget, Fed interest rate decision.

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AceTraderFx Dec 12: Daily Recommendations on Major -EUR/USD

DAILY MARKET OUTLOOK on Major
Update Time: 12 Dec 2019 03:30GMT

EUR/USD - 1.1138
The single currency’s rally above last Wednesday’s 4-week peak at 1.1115 to 1.1144 on usd’s weakness in post-FOMC trading suggests a re-test of October’s 2-month peak at 1.1179 would be seen after consolidation, break would extend upmove from October’s low at 1.0880 to 1.1195/00 but loss of momentum would keep price below 1.1205 and yield much-needed correction later.

On the downside, only below 1.1097 would indicate a temporary top has been mad risk would increase for a much-needed retracement to 1.1071.

Data to be released on Thursday :
New Zealand food price index, Japan machinery orders.
UK RICS housing price balance, parliamentary election, Germany CPI, HICP, Swiss producer/import price index, SNB interest rate decision, France CPI (EU norm), CPI, EU industrial production, ECB interest rate decision, ECB deposit rate decision.
U.S. initial jobless claims, PPI, core PPI.

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

DAILY MARKET OUTLOOK on Major
Update Time: 13 Dec 2019_ 03:30GMT_

EUR/USD - 1.1171
Although price has eased after intra-day cable-led rise above October’s 2-month peak at 1.1179 to 1.1199 and minor consolidation would be seen before upmove from 1.0880 (October) heads to 1.1230/40, reckon over bought condition would keep price below 1.1249 today and yield a much-needed correction later.

On the downside, only below 1.1104 would indicate a temporary top has been made and risk stronger retracement to 1.1071 but support at 1.1041 should remain intact.

Data to be released on Friday :
New Zealand manufacturing PMI, Japan Tankan big manufacturing index, Tankan big manufacturing outlook, Tankan big non-manufacturing index, Tankan big non-manufacturing outlook, Tankan small manufacturing index, Tankan small manufacturing outlook, Tankan small non-manufacturing index, Tankan small non-manufacturing outlook, industrial output, capital utilization.
Germany wholesale price index, Italy industrial orders, industrial sales, UK election’s result, ex, Italy industrial orders, industrial sales, UK election’s result, U.S. import prices, export prices, retail sales ex-autos, retail sales, business inventories.

763

AceTraderFx Dec 17: Daily Recommendations on Major -EUR/USD

DAILY MARKET OUTLOOK on Major
Update Time: 17 Dec 2019 03:30GMT

EUR/USD - 1.1137
Despite the single currency’s cable-led rise to a 4-month peak at 1.1199 on Friday, subsequent selloff to 1.1112 suggests medium-term upmove has made a temporary top there and consolidation with downside bias remains for stronger retracement to 1.1104, then 1.1071, however, support at 1.1041 should remain intact and yield rebound later this week.

On the upside, only above 1.1185 would revive bullishness for a re-test of said top, break would extend uptrend from October’s 2019 trough at 1.0880 to 1.1220/30 later before prospect of correction.

Data to be released on Tuesday :
New Zealand Westpac consumer survey, NBNZ business outlook, NBNZ own activity, GDT price index, Australia housing finance, Italy trade balance, goods trade balance.
U.K. ILO unemployment rate, employment change, average weekly earning, claimant count, EU trade balance.
Canada manufacturing sales and U.S. building permits, housing starts, redbook, industrial production, capacity utilization, manufacturing output, industrial production, JOLTS job openings.

764

AceTraderFx Dec 18: Daily Recommendations on Major -EUR/USD

DAILY MARKET OUTLOOK on Major
Update Time: 18 Dec 2019 03:30GMT

EUR/USD - 1.1152
Despite the single currency’s rise to a 4-month peak at 1.1199 on Friday, subsequent selloff to 1.1112 the same day suggests medium-term upmove has made a temporary top there and consolidation with downside bias remains for stronger retracement to 1.1104, then 1.1071, however, support at 1.1041 should remain intact and yield rebound later this week.

On the upside, only above 1.1185 would revive bullishness for a re-test of said top, break would extend uptrend from October’s 2019 trough at 1.0880 to 1.1220/30 later before prospect of correction.

Data to be released on Wednesday :
New Zealand current account, Japan exports, imports, trade balance, Australia Westpac leading index.
Germany producer prices, Ifo business climate, Ifo current conditions, Ifo expectations, UK core CPI, CPI, RPI, core RPI, PPI in put prices, PPI output prices, PPI core output prices, EU construction output, HICP, core HICP, U.S. MBA mortgage applications.
Canada CPI.

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

DAILY MARKET OUTLOOK on Major
Update Time: 19 Dec 2019 03:30GMT

EUR/USD - 1.1117
Despite the single currency’s rise to a 4-month peak at 1.1199 on Friday, subsequent selloff to 1.1112 the same day, then 1.1111 yesterday suggests medium-term upmove has made a temporary top there and consolidation with downside bias remains for stronger retracement to 1.1071, then 1.1050/55 however, support at 1.1041 should remain intact and yield rebound later.

On the upside, only above 1.1185 would revive bullishness for a re-test of said top, break would extend uptrend from October’s 2019 trough at 1.0880 to 1.1220/30 later before prospect of correction.

Data to be released on Thursday :
New Zealand GDP, imports, trade balance, exports, Australia employment change, unemployment rate, Japan Bank of Japan interest rate decision.
Swiss trade balance, exports, imports, France business climate, UK retail sales, retail sales ex-fuel, CBI distributive trades, Bank of England MPC vote hike, Bank of England MPC vote unchanged, Bank of England MPC vote cut, Bank of England interest rate decision, Bank of England QE total, Bank of England QE corporate bond purchases.
U.S. current account, initial jobless claims, Philadelphia Fed manufacturing survey, existing home sales, leading indicator, and Canada average weekly earnings, wholesale trade, ADP employment change

766

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

DAILY MARKET OUTLOOK on Major
Update Time: 20 Dec 2019 03:30GMT

EUR/USD - 1.1123
Despite the single currency’s rise to a 4-month peak at 1.1199 on Friday, subsequent selloff to 1.1112 the same day, then 1.1108 yesterday suggests medium-term upmove has made a temporary top there and consolidation with downside bias remains for stronger retracement to 1.1071, then 1.1050/55 however, support at 1.1041 should remain intact and yield rebound later.

On the upside, only above 1.1185 would revive bullishness for a re-test of said top, break would extend uptrend from October’s 2019 trough at 1.0880 to 1.1220/30 later before prospect of correction.

Data to be released on Friday :
Japan national CPI, core national CPI, China PBoC interest rate decision.
UK GfK consumer confidence, GDP, current account, PSNB, PSNCR, Germany GfK consumer confidence, France consumer spending, producer prices, Italy MFG business confidence, consumer confidence, producer prices, trade balance, EU current account, consumer confidence.
U.S. GDP, PCE prices, personal income, personal spending, core PCE price index, PCE price index, University of Michigan sentiment, KC Fed manufacturing activity, and Canada new housing price index, retail sales, retail sales ex-autos.

767

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

DAILY MARKET OUTLOOK on Major
Update Time: 23 Dec 2019 03:30GMT

EUR/USD - 109.46
Despite the single currency’s rise to a 4-month peak at 1.1199 in December, subsequent selloff to 1.1067 yesterday suggests medium-term upmove from 1.0880 (October) has made a temporary top there and consolidation with downside bias remains for stronger retracement to 1.1041, then 1.1050/55 however, support at 1.1004 should remain intact and yield rebound later.

On the upside, only above 1.1185 would revive bullishness for a re-test of said top, break would extend uptrend from October’s 2019 trough at 1.0880 to 1.1220/30 later before prospect of correction.

Data to be released later today:
Japan all industry activity index, leading indicator, coincident index.
U.S. durable goods, durables ex-transpot, durables ex-defense, building permits, Chicago Fed national activity index, new home sales and Canada GDP on Monday.

768

AceTraderFx Dec 24: Daily Recommendations on Major -EUR/USD

DAILY MARKET OUTLOOK on Major
Update Time: 24 Dec 2019 03:30GMT

EUR/USD - 1.1093
Despite the single currency’s rise to a 4-month peak at 1.1199 in December, subsequent selloff to 1.1067 yesterday suggests medium-term upmove from 1.0880 (October) has made a temporary top there and consolidation with downside bias remains for stronger retracement to 1.1041, then 1.1050/55 however, support at 1.1004 should remain intact and yield rebound later.

On the upside, only above 1.1185 would revive bullishness for a re-test of said top, break would extend uptrend from October’s 2019 trough at 1.0880 to 1.1220/30 later before prospect of correction.

Data to be released on Tuesday :
U.S. redbook and Richmond Fed manufacturing index.

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

DAILY MARKET OUTLOOK on Major
Update Time: 27 Dec 2019 03:30GMT

EUR/USD - 1.1108
Despite the single currency’s rise to a 4-month peak at 1.1199 in December, subsequent selloff to 1.1067 last Friday suggests medium-term upmove from 1.0880 (October) has made a temporary top there and consolidation with downside bias remains for stronger retracement to 1.1041, then 1.1050/55 however, support at 1.1004 should remain intact and yield rebound later.

On the upside, only above 1.1185 would revive bullishness for a re-test of said top, break would extend uptrend from October’s 2019 trough at 1.0880 to 1.1220/30 later before prospect of correction.

Data due out later:
Swiss Investor Sentiment - Dec, Italy Unemployment Rate - Nov, EU Economic Bulletin.

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

DAILY MARKET OUTLOOK on Major
Update Time: 30 Dec 2019 03:30GMT

EUR/USD - 1.1183
Euro’s impressive rally on Friday from 1.1095 to as high as 1.1187 (New York) due to broad- based usd’s weakness suggests re-test of December’s 4-month peak at 1.1199 would be forthcoming next, break there would extend Medium Term upmove towards next daily chart objective at 1.1249 ‘later’.

On the downside, only a daily close below 1.1144 signals temporary top is made and may risk stronger retracement towards 1.1095.

Economic data to be released later:
Germany retail sales, Swiss KOF indicator, UK BBA mortgage application.
U.S. goods trade balance, wholesale inventories, Chicago PMI, pending home sales, Dallas Fed manufacturing business index on Monday.

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AceTraderFx Dec 31: Daily Recommendations on Major -EUR/USD

DAILY MARKET OUTLOOK on Major
Update Time: 31 Dec 2019 03:30GMT

EUR/USD - 1.1204
Euro’s rally to a fresh 4-month peak at 1.1222 yesterday on usd’s continued weakness suggests upmove from October’s 2019 trough at 1.0880 remains in progress and further gain to 1.1249 would be seen, however, loss of upward momentum would keep price below 1.1285 and yield a much-needed correction early next week.

On the downside, only below 1.1144 would indicate a temporary top has been made and risk stronger retracement of aforesaid uptrend to 1.1109/10.

Data to be released on Tuesday :
Japan market holiday, China NBS manufacturing PMI, NBS non-manufacturing PMI.
U.S. redbook, monthly home price, CS home price, consumer confidence.

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AceTraderFx Jan 02: Daily Recommendations on Major -EUR/USD

DAILY MARKET OUTLOOK on Major
Update Time: 02 Jan 2020 03:30GMT

EUR/USD - 1.1222
Euro’s rally to a fresh 4-1/2 month peak at 1.1239 on Tuesday on usd’s continued weakness suggests upmove from October’s 2019 trough at 1.0880 remains in progress and further gain to 1.1260 would be seen, however, loss of upward momentum would keep price below 1.1285 and yield a much-needed correction early next week.

On the downside, only below 1.1144 would indicate a temporary top has been made and risk stronger retracement of aforesaid uptrend to 1.1109/10.

There is a slew of manufacturing PMIs to be released from the eurozone today.
Pay particular attention to Germany (08:55GMT) and EU’s (09:00GMT) releases. Street forecasts for unchanged readings at 43.4 and 45.9 respectively.