AceTraderFx Mar 01: Daily Recommendations on Major -EUR/USD
DAILY MARKET OUTLOOK on Major
Update Time: 01 Mar 2019 05:30 GMT
EUR/USD - 1.1373
Despite euro’ rally to as high as 1.1420 yesterday, subsequent retreat on dollar’s broad-based strength suggests erratic upmove from February’s low at 1.1234 has made a temporary top there and consolidation with downside bias remains for stronger retracement towards 1.1345, then 1.1316, however, loss of momentum would keep price above 1.1275 and yield rebound later.
On the upside, only above 1.1404 would revive bullishness for a re-test of 1.1420, break would extend towards 1.1473 before prospect of correction.
AceTraderFx Mar 04: Daily Recommendations on Major -EUR/USD
DAILY MARKET OUTLOOK on Major
Update Time: 04 Mar 2019 05:30 GMT
EUR/USD - 1.1368
Despite euro’ rally to as high as 1.1420 last Thursday, subsequent retreat to 1.1353 Friday on dollar’s broad-based strength suggests erratic upmove from February’s low at 1.1234 has made a temporary top there and consolidation with downside bias remains for stronger retracement towards 1.1345, then 1.1316, however, loss of momentum would keep price above 1.1275 and yield rebound later.
On the upside, only above 1.1409 would revive bullishness for a re-test of 1.1420, break would extend towards 1.1473 before prospect of correction.
Pay attention to the release of EU PPI at 10:00GMT.
Street forecast for MM and YY are 0.3% n 2.9% vs prev. readings of -0.8% and 3.0% respectively.
AceTraderFx Mar 05: Daily Recommendations on Major -EUR/USD
DAILY MARKET OUTLOOK on Major
Update Time: 05 Mar 2019 05:30 GMT
EUR/USD - 1.1334
The single currency’s selloff to 1.1309 yesterday suggests upmove from February’s low at 1.1234 has made a temporary top at 1.1420 last Thursday and consolidation with downside bias remains for stronger retracement to 1.1275, however, over sold condition would keep price above 1.1258/60 and yield a much-needed rebound later this week.
On the upside, only above 1.1395 would indicate aforesaid pullback has ended instead and risk gain towards 1.1409, then 1.1420 later.
There is a slew of services PMI to be released from the euro area today but one should also pay attention to EU retail sales at 10:00GMT. Street forecasts for mm and yy are 1.2% and 1.9% vs previous readings of -1.6% and 0.8% respectively.
AceTraderFx Mar 06: Daily Recommendations on Major -EUR/USD
DAILY MARKET OUTLOOK on Major
Update Time: 06 Mar 2019 06:30 GMT
EUR/USD - 1.1300
The single currency’s selloff to 1.1309 Monday, then to 1.1290 yesterday suggests upmove from February’s low at 1.1234 has made a temporary top at 1.1420 last Thursday and consolidation with downside bias remains for stronger retracement to 1.1275, however, over sold condition would keep price above 1.1258/60 and yield a much-needed rebound later this week.
On the upside, only above 1.1395 would indicate aforesaid pullback has ended instead and risk gain towards 1.1409, then 1.1420 later.
Data to be released on Wednesday :
Japan household spending, Australia GDP, U.S. MBA mortgage application, ADP employment change, trade balance, Fed’s Beige Book, and Canada trade balance, exports, imports, labor productivity, BoC interest rate decision, Ivey PMI.
AceTraderFx Mar 07: Daily Recommendations on Major -EUR/USD
DAILY MARKET OUTLOOK on Major
Update Time: 07 Mar 2019 05:30 GMT
The single currency’s selloff to 1.1290 Tuesday, then to 1.1286 yesterday suggests upmove from February’s low at 1.1234 has made a temporary top at 1.1420 last Thursday and consolidation with downside bias remains for stronger retracement to 1.1275, however, over sold condition would keep price above 1.1258/60 and yield a much-needed rebound later this week.
On the upside, only above 1.1395 would indicate aforesaid pullback has ended instead and risk gain towards 1.1409, then 1.1420 later.
Data out on Thursday :
Australia AIG construction index, retail sales, trade balance, imports, exports, Japan coincident index, leading indicator.
Swiss unemployment rate, UK Halifax house price, Italy retail sales, EU employment change, GDP, ECB interest rate decision, ECB deposit rate decision, ECB Draghi press conference.
U.S. initial jobless claims, productivity and Canada building permits.
AceTraderFx Mar 08: Daily Recommendations on Major -EUR/USD
DAILY MARKET OUTLOOK on Major
Update Time: 08 Mar 2019 05:30 GMT
EUR/USD - 1.1190
Although price has stabilised after yesterday’s spectacular selloff from 1.1321 to a fresh 20-month trough at 1.1177 as ECB postponed its rate hike and introduced a new round of TLTROs and minor consolidation would be seen before Medium Term decline resumes towards 1.1140/50, reckon oversold condition would keep price above 1.1100/10 and yield a much-needed correction early next week.
On the upside, only above 1.1286 would indicate a temporary low has been made and risks stronger retracement towards 1.1321/26 before another retreat.
Since there is no major economic data due today from the eurozone, traders are likely to focus on yesterday’s events to send the pair lower.
AceTraderFx Mar 11: Daily Recommendations on Major -EUR/USD
DAILY MARKET OUTLOOK on Major
Update Time: 11 Mar 2019 05:30 GMT
EUR/USD - 1.1224
Although price has rebounded after last Thursday’s spectacular selloff from 1.1321 to a fresh 20-month trough at 1.1177 on a dovish ECB and minor consolidation would be seen before MT decline resumes towards 1.1140/50, reckon oversold condition would keep price above 1.1100/10 and yield a much-needed correction early next week.
On the upside, only above 1.1286 would indicate a temporary low has been made and risks stronger retracement towards 1.1321/26 before another retreat.
Since there is no major eco. data due today, investors should keep an eye on the eur/gbp cross due to potential Brexit related headlines in the lead up to tomorrow’s vote in UK’s Parliament.
AceTraderFx Mar 12: Daily Recommendations on Major -EUR/USD
DAILY MARKET OUTLOOK on Major
Update Time: 12 Mar 2019 05:30 GMT
EUR/USD - 1.1259
Although price has rebounded after last Thursday’s spectacular selloff to a fresh 20-month trough at 1.1177 on ECB’s dovish forward guidance and minor consolidation would be seen before Medium Term decline resumes towards 1.1140/50, reckon oversold condition would keep price above 1.1100/10 and yield a much-needed correction early next week.
On the upside, only above 1.1286 would indicate a temporary low has been made and risks stronger retracement towards 1.1321/26 before another retreat.
Market focus is now on Brexit related headlines as UK PM May holds a meaningful vote on her Brexit plan in the House of Commons. Hence, traders should keep an eye on the eur/gbp cross.
AceTraderFx Mar 13: Daily Recommendations on Major - EUR/USD
DAILY MARKET OUTLOOK on Major
Update Time: 13 Mar 2019 06:30 GMT
EUR/USD - 1.1290
The single currency’s rise to 1.1307 in New York yesterday suggests medium-term decline has made a temporary low at last Thursday’s 20-month trough at 1.1177 and consolidation with upside bias remains for stronger retracement towards 1.1321/26 would be seen, however, loss of momentum would keep price below 1.1351/55 and yield retreat later this week.
On the downside, only below 1.1249 would indicate aforesaid recovery has ended instead and risk would increase for stronger weakness towards 1.1222.
Data to be released on Wednesday :
Australia consumer sentiment, Japan corporate goods price, machinery orders.
EU industrial production, and U.S. MBA mortgage application, durable goods, durables ex-transport, durables ex-defense, PPI, construction spending.
AceTraderFx Mar 14: Daily Recommendations on Major - EUR/USD
DAILY MARKET OUTLOOK on Major
Update Time: 14 Mar 2019 05:30 GMT
EUR/USD - 1.1325
The single currency’s rise to 1.1339 in near New York close yesterday suggests medium-term decline has made a temporary low at last Thursday’s 20-month trough at 1.1177 and consolidation with upside bias remains for stronger retracement towards 1.1350/55 would be seen, however, loss of momentum would keep price below 1.1370/75 and yield retreat early next week.
On the downside, only below 1.1249 would indicate aforesaid recovery has ended instead and risk would increase for stronger weakness towards 1.1222.
Data to be released on Thursday :
UK RICS housing survey, Germany CPI, HICP, Swiss producer/import price, France CPI, U.S. building permits, import prices, initial jobless claims, new home sales, and Canada new housing price index.
AceTraderFx Mar 15: Daily Recommendations on Major - EUR/USD
DAILY MARKET OUTLOOK on Major
Update Time: 15 Mar 2019 05:30 GMT
EUR/USD - 1.1319
The single currency’s rise to 1.1341 yesterday suggests medium-term decline has made a temporary low at last Thursday’s 20-month trough at 1.1177 and consolidation with upside bias remains for stronger retracement towards 1.1350/55 would be seen, however, loss of momentum would keep price below 1.1370/75 and yield retreat early next week.
On the downside, only below 1.1249 would indicate aforesaid recovery has ended instead and risk would increase for stronger weakness towards 1.1222.
There is a slew of economic data to be released from the eurozone today but traders should pay attention to the release of EU final inflation figures at 10:00GMT. Street forecasts for mm and yy are 0.3% and 1.5% vs previous readings of -1.0% and 1.5%.
AceTraderFx Mar 18: Daily Recommendations on Major - EUR/USD
DAILY MARKET OUTLOOK on Major
Update Time: 18 Mar 2019 05:30 GMT
EUR/USD - 1.1324
The single currency’s rise to 1.1345 last Friday suggests medium-term decline has made a temporary low at last March’s 20-month trough at 1.1177 and consolidation with upside bias remains for stronger retracement towards 1.1350/55 would be seen, however, loss of momentum would keep price below 1.1370/75 and yield retreat early next week.
On the downside, only below 1.1249 would indicate aforesaid recovery has ended instead and risk would increase for stronger weakness towards 1.1222.
Data to be released today:
Japan exports, imports, trade balance, industrial production, capacity utilization.
UK Rightmove house price, EU trade balance, and U.S. NAHB housing market index on Monday.
AceTraderFx Mar 19: Daily Recommendations on Major - EUR/USD
DAILY MARKET OUTLOOK on Major
Update Time: 19 Mar 2019 05:41 GMT
EUR/USD - 1.1345
The single currency’s rise to 1.1359 yesterday suggests medium-term decline has made a temporary low at last March’s 20-month trough at 1.1177 and consolidation with upside bias remains for stronger retracement towards 1.1374/75 would be seen, however, loss of momentum would keep price below 1.1390/00 and yield retreat later this week.
On the downside, only below 1.1249 would indicate aforesaid recovery has ended instead and risk would increase for stronger weakness towards 1.1222.
There is a slew of data to be released from the eurozone today but particular attention should be given to Germany’s ZEW economic sentiment and current conditions at 10:00GMT.
Street forecasts are -11.0 and 11.7 vs previous readings of -13.4 and 15.0 respectively.
AceTraderFx Mar 20: Daily Recommendations on Major - EUR/USD
DAILY MARKET OUTLOOK on Major
Update Time: 20 Mar 2019 06:30GMT
EUR/USD - 1.1354
The single currency’s rise to 1.1362 yesterday suggests medium-term decline has made a temporary low at last March’s 20-month trough at 1.1177 and consolidation with upside bias remains for stronger retracement towards 1.1374/75 would be seen, however, loss of momentum would keep price below 1.1390/00 and yield retreat later this week.
On the downside, only below 1.1249 would indicate aforesaid recovery has ended instead and risk would increase for stronger weakness towards 1.1222.
Data to be released on Wednesday :
New Zealand current account, Australia Westpac leading index, Japan coincident index, leading economic index, Germany producer prices, UK CPI, RPI, PPI input prices, PPI output prices, DCLG house price index, CBI trens survey, and U.S. MBA mortgage application, Fed interest rate decision.
AceTraderFx Mar 21: Daily Recommendations on Major - EUR/USD
DAILY MARKET OUTLOOK on Major
Update Time: 21 Mar 2019 05:30GMT
EUR/USD - 1.1431
The single currency’s rally in New York afternoon yesterday to 1.1448 on dollar’s broad-based weakness post the Federal Reserve’s dovish hold signals upmove from March’s 20-month trough at 1.1177 remains in progress and further gain towards 1.1489 would be seen after consolidation, however, overbought condition would keep price below 1.1515 and yield a much-needed correction early next week.
On the downside, only below 1.1362 would indicate a temporary top has been made and risk stronger retracement to 1.1336/40 before prospect of rebound.
Data to be released on Thursday :
New Zealand GDP, Japan market holiday, Australia employment change, unemployment rate.
Swiss interest rate decision, UK retail sales, BoE MPC vote hike, BoE MPC vote unchanged, BoE MPC vote cut, BoE interest ratre decision, BoE QE total, BoE QE corporate bond purchases.
Canada ADP employment change, U.S. initial jobless cliams, Philadelphia Fed survey, leading indicator, and EU consumer confidence.
AceTraderFx Mar 22: Daily Recommendations on Major - EUR/USD
DAILY MARKET OUTLOOK on Major
Update Time: 22 Mar 2019 05:30GMT
EUR/USD - 1.1363
Despite the single currency’s rise to a fresh 6-week peak at 1.1448 on Wednesday on the Federal Reserve’s dovish hold, subsequent selloff to 1.1343 yesterday suggests upmove from March’s 20-month trough at 1.1177 has made a temporary top there and consolidation with downside bias remains for stronger retracement to 1.1294, however, loss of momentum would keep price above 1.1278 and yield correction early next week.
On the upside, only above 1.1448 would revive bullishness for further gain to 1.1489 but psychological resistance at 1.1500 would hold initially and bring retreat.
Data to be released on Friday :
Australia manufacturing PMI, services PMI, Japan CPI, Nikkei manufacturing PMI.
France Markit manufacturing PMI, Markit services PMI, Germany Markit manufacturing PMI, Markit services PMI, EU current account, Markit manufacturing PMI, Markit services PMI, UK PSNB, PSNCR.
Canada CPI, retail sales, U.S. Markit manufacturing PMI, Markit services PMI, existing home sales, wholesale inventories, wholesale sales, Federal budget.
AceTraderFx Mar 25: Daily Recommendations on Major -EUR/USD
DAILY MARKET OUTLOOK on Major
Update Time: 25 Mar 2019 05:30 GMT
EUR/USD - 1.1292
Despite the single currency’s rise to a fresh 6-week peak at 1.1448 last Wednesday on the Federal Reserve’s dovish hold, subsequent selloff to 1.1274 on Friday suggests upmove from March’s 20-month trough at 1.1177 has made a temporary top there and consolidation with downside bias remains for stronger retracement to 1.1249/50, however, loss of momentum would keep price above 1.1222 and yield correction later this week.
On the upside, only above 1.1448 would revive bullishness for further gain to 1.1489 but psychological resistance at 1.1500 would hold initially and bring retreat.
Pay attention to the release of German Ifo business climate and current conditions at 09:00GMT.
Street forecasts are 98.5 and 102.9 vs previous readings of 98.5 and 103.4.
AceTraderFx Mar 26: Daily Recommendations on Major -EUR/USD
DAILY MARKET OUTLOOK on Major
Update Time: 26 Mar 2019 05:30 GMT
EUR/USD - 1.1314
Despite the single currency’s rise to a fresh 6-week peak at 1.1448 last Wednesday, subsequent selloff to 1.1274 on Friday suggests upmove from March’s 20-month trough at 1.1177 has made a temporary top there and consolidation with downside bias remains for stronger retracement to 1.1249/50, however, loss of momentum would keep price above 1.1222 and yield correction later this week.
On the upside, only above 1.1392 would indicate aforesaid correction has ended instead and risk gain towards 1.1438 but said 1.1448 top should remain intact on first testing.
Pay attention to the release of German Gfk consumer sentiment a 07:00GMT. Street forecast is for it to remain unchanged at 10.8.
AceTraderFx Mar 27: Daily Recommendations on Major -EUR/USD
DAILY MARKET OUTLOOK on Major
Update Time: 27 Mar 2019 06:30 GMT
EUR/USD - 1.1263
Despite the single currency’s rise to a fresh 6-week peak at 1.1448 last Wednesday, subsequent selloff to 1.1263 yesterday suggests upmove from March’s 20-month trough at 1.1177 has made a temporary top there and consolidation with downside bias remains for stronger retracement to 1.1249/50.
However, loss of momentum would keep price above 1.1222 and yield correction later this week.
On the upside, only above 1.1392 would indicate aforesaid correction has ended instead and risk gain towards 1.1438 but said 1.1448 top should remain intact on first testing.
There isn’t much on the data front from the eurozone today but traders should pay attention to speeches from a few ECB officials at The ECB and Its Watchers conference in Frankfurt. President Mario Draghi is scheduled to speak at 08:00GMT, followed by Chief Economist Peter Praet at 08:45GMT.
AceTraderFx Mar 28: Daily Recommendations on Major -EUR/USD
DAILY MARKET OUTLOOK on Major
Update Time: 28 Mar 2019 05:30 GMT
EUR/USD - 1.1242
The single currency’s fall yesterday and break of Tuesday’s low at 1.1263 to 1.1242 suggests decline from last Wednesday’s 6-week peak at 1.1448 to retrace upmove from March’s 20-month trough at 1.1177 has once again resumed and consolidation with downside bias remains for marginal weakness.
However, loss of momentum would keep price above support at 1.1222 and yield a much-needed rebound later.
Above 1.1286 would indicate a temporary low has been made and risk stronger correction to 1.1327/32 but resistance at 1.1392 should remain intact.
Pay attention to EU’s release of business climate, economic sentiment and industrial sentiment at 10:00GMT. Street forecasts are 0.66, 105.9 and -0.8 vs previous readings of 0.69, 106.1 and -0.4 respectively.