AceTraderFx Mar 09: Daily Recommendations on Major -EUR/USD
DAILY MARKET OUTLOOK on Major
Update Time: 09 Mar 2018 05:30 GMT
EUR/USD - 1.2304
Despite euro's brief jump to a fresh 2-1/2 week high of 1.2446 on market reaction to ECB's removal of its usual easing bias statement, subsequent selloff during Draghi's press conference to as low as 1.2299 suggests early rally from last Thursday's 7-week trough at 1.2155 has made a top and choppy trading with downside bias is seen ahead of key U.S. jobs data.
As long 1.2365/70 holds, further weakness is envisaged but reckon 1.2222 would hold on 1st testing. Only a daily close above 1.2400 would bring re-test of 1.2446 next week.
Data to be released on Friday:
New Zealand retail sales, China PPI, CPI, Japan BoJ interest rate decision, machine tool orders.
Germany industrial output, current account, exports, imports, France budget balance, industrial output, U.K. construction output, industrial output, manufacturing output, trade balance non-EU, NIESR GDP estimate, EU trade balance, employment.
U.S. non-farm payrolls, unemployment rate, average earnings, wholesale inventories, wholesale sales, and Canada employment change, unemployment rate