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.