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

Trading Discussion Currencies
895

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

flag_eur DAILY MARKET OUTLOOK on Major
Update Time: 06 July 2020 03:30GMT

EUR/USD - 1.1262
Despite the single currency’s sharp retreat from last Thursday’s high at 1.1302 to 1.1220, subsequent rebound suggests further choppy trading above last Wednesday’s low at 1.1186 would continue with upside bias and gain to 1.1288 is likely to be seen, however, said 1.1302 resistance should remain intact and yield retreat later.

On the downside, only below 1.1220 would revive bearishness for weakness to 1.1186, break would extend recent decline from 1.1348 towards 1.1169 (June).

Pay attention to the release of EU retail sales at 09:00GMT. Street forecasts for mm and yy are 15.0% and -22.3% vs previous readings of -11.7% and -19.6% respectively.

896

AceTraderFx July 07 : Daily Recommendations on Major -EUR/USD

flag_eur DAILY MARKET OUTLOOK on Major
Update Time: 07 July 2020 03:30GMT

EUR/USD - 1.1312
Although the single currency has retreated after yesterday’s rally to 1.1345 and minor consolidation would be seen in Asia, as said move signals a re-test of previous resistance at 1.1348 is forthcoming, upside bias remains and above 1.1348 would extend upmove from 1.1169 (June) to retrace decline from June’s 3-month peak at 1.1422 to 1.1383, then 1.1400/10 later, however, said top should hold on first testing.

On the downside, only below 1.1275/82 would indicate a temporary top has been made and risk stronger retracement to 1.1250/52.

Pay attention to release of Germany industrial output at 06:00GMT. Street forecasts for mm and yy are 10.0% and -11.0% vs previous readings of -17.9% and -25.2% respectively. ECB board member Fabio Panetta is also scheduled to speak at a virtual meeting of the European Parliament at 06:15GMT.

897

AceTraderFx July 08 : Daily Recommendations on Major -EUR/USD

flag_eur DAILY MARKET OUTLOOK on Major
Update Time: 08 July 2020 03:30GMT

EUR/USD - 1.1275
Although the single currency has retreated after Monday’s rally to 1.1345 and minor consolidation would be seen, as 1.1260 has contained downside in Europe yesterday, bullishness remains and above 1.1345 would bring a re-test of 1.1348, break would signal recent erratic upmove from 1.1169 (June) has resumed and extend 1.1383/85 later.

On the downside, only below 1.1275/82 would indicate a temporary top has been made and risk stronger retracement to 1.1250/52.

Data to be released later :
Swiss unemployment rate.
U.S. MBA mortgage applications and Canada housing starts.

898

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

flag_eur DAILY MARKET OUTLOOK on Major
Update Time: 09 July 2020 03:30GMT

EUR/USD - 1.1340
The single currency rally from yesterday’s low at 1.1263 and then marginal break of previous daily resistance at 1.1348 to 1.1351 signals erratic upmove from 1.1169 (June) has once again resumed and further gain to 1.1380/83 would be seen, however, June’s 3-month peak at 1.1422 would hold on first testing and yield retreat later.

On the downside, only below 1.1307 would indicate a temporary top has possibly been made and risk stronger weakness to 1.1260/63.

Data to be released on Thursday :
UK RICS housing price balance, Japan machinery orders, machine tool orders, China PPI, CPI, Germany exports, imports, trade balance, current account, Canada leading index, housing starts, and U.S. initial jobless claims, continued jobless claims, wholesale inventories, wholesale sales

899

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

flag_eur DAILY MARKET OUTLOOK on Major
Update Time: 10 July 2020 03:30GMT

EUR/USD - 1.1281
Despite resumption of recent upmove to a fresh 3-week high of 1.1371 (Europe) in Thursday, subsequent selloff to as low as 1.1281 as the greenback caught a bid in New York due to safe-haven buying suggests temporary top is made and consolidation with downside bias is seen for weakness to 1.1260, oversold condition should keep euro above 1.1220 sup.

On the upside, only above 1.1348/51 signals pullback has possibly ended and risks re-test of 1.1371 but 1.1398/03 should cap upside today.

Data to be released on Friday :
New Zealand retail sales, Japan corporate goods price index, France industrial output, Italy industrial output, U.S. PPI, core PPI, and Canada employment change, unemployment rate.

900

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

flag_eur DAILY MARKET OUTLOOK on Major
Update Time: 13 July 2020 03:30GMT

EUR/USD - 1.1308
Although euro’s decline from last Thursday’s 3-week high at 1.1371 to as low as 1.1256 Friday suggests further volatile trading below June’s peak at 1.1422 would continue, subsequent rebound to 1.1324 in New York would bring consolidation with upside bias, however, above 1.1348/51 res is needed to bring re-test of 1.1371.

On the downside, only below 1.1256 shifts risk to downside for stronger retracement for recent ‘erratic’ rise from 1.1169 (Jun) to 1.1220 before prospect of rebound later this week.

There is no eco. data due out from the euro area countries today, however, we have ECB member Panetta participating via videoconference in an exchange of views with the Euro Accession Countries Working Group of the Committee on Economic and Monetary Affairs of the European Parliament at 09:30 GMT.

901

AceTraderFx July 14 : Daily Recommendations on Major -EUR/USD

flag_eur DAILY MARKET OUTLOOK on Major
Update Time: 14 July 2020 03:30GMT

EUR/USD - 1.1342
The single currency’s rally to 1.1371 last Thursday and then marginally higher to 1.1374 yesterday suggests erratic upmove from 1.1169 (June) has resumed and subsequent retreat would yield range trading before prospect of another rise, however, June’s 3-month peak at 1.1422 should hold on first testing and yield pullback later.

On the downside, only below 1.1302 would indicate a temporary top has been made instead and risk stronger weakness to 1.1256/60.

There is a slew of economic data to be released from the eurozone today but one should pay particular attention to Germany’s ZEW economic sentiment and economic conditions at 09:00GMT. Street forecasts are 60.0 and -65.0 vs previous readings of 63.4 and -83.1 respectively.

902

AceTraderFx July 15 : Daily Recommendations on Major -EUR/USD

flag_eur DAILY MARKET OUTLOOK on Major
Update Time: 15 July 2020 03:30GMT

EUR/USD - 1.1410
The single currency’s rally to 1.1408 yesterday and intra-day re-test of June’s 3-month peak at 1.1422 suggests upmove from 1.0637 (March) would resume after consolidation and extend to 1.1443/45, however, near term loss of momentum would keep price below 2020’s peak at 1.1494 and yield a much-needed correction later this week.

On the downside, only below 1.1374 would indicate a temporary top has been made and risk stronger weakness to 1.1340/50 but support at 1.1326 should remain intact.

As there is no major economic data to be released from the eurozone today, market focus is now on the European Central Bank’s rate decision on Thursday.

903

AceTraderFx July 16 : Daily Recommendations on Major -EUR/USD

flag_eur DAILY MARKET OUTLOOK on Major
Update Time: 16 July 2020 03:30GMT

EUR/USD - 1.1416
Although price has retreated after yesterday’s rise to a 4-month peak at 1.1451 on improved risk sentiment and minor consolidation would be seen, as said move signals erratic upmove from March’s bottom at 1.0637 has resumed, upside bias remains and above 1.1451 would extend to 1.1480/85, however, 2020 peak at 1.1494 should remain intact.

On the downside, only below 1.1374 would indicate a temporary top has been made and risk stronger retracement to 1.1326 before prospect of rebound.

The European Central Bank takes centre stage today as it will announce its interest rate decision at 11:45GMT but market focus will be on President Christine Lagarde’s press conference at 12:30GMT, where she will brief on how the central bank’s recent policies have helped tackle the region’s economy and if any further steps will be needed.

904

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

flag_eur DAILY MARKET OUTLOOK on Major
Update Time: 17 July 2020 03:30GMT

EUR/USD - 1.1391
Despite the single currency’s rebound to 1.1442 in post-ECB trading yesterday, subsequent sharp retreat to 1.1371 suggests further choppy trading below Wednesday’s 4-month peak at 1.1451 would continue with downside bias and weakness to 1.1340/50 would be seen after consolidation, however, support at 1.1326 should remain intact n yield recovery.

On the upside, only above 1.1442 would revive bullishness for a re-test of aforesaid resistance, break would extend medium-term upmove to 1.1480/85 later.

Data to be released on Friday :
New Zealand manufacturing PMI.
UK GfK consumer confidence, Italy industrial orders, industrial sales, EU construction output, HICP, core HICP, Canada wholesale trade.
U.S. building permits, housing starts, University of Michigan sentiment.

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905

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

flag_eur DAILY MARKET OUTLOOK on Major
Update Time: 20 July 2020 03:30GMT

EUR/USD - 1.1435
Despite the single currency’s retreat from last Wednesday’s 4-month peak at 1.1451 to 1.1371 Thursday, subsequent rebound to 1.1443 Friday, then marginally higher to 1.1445 today suggests the pullback has ended and consolidation with upside bias remains for a re-test of aforesaid resistance, break would extend Medium Term upmove to 1.1470/75, however, loss of momentum would keep price below 2020 peak at 1.1494 and yield correction.

On the downside, only below 1.1371 would indicate a temporary top has been made and risk stronger retracement to 1.1326.

Germany will release its produce prices at 06:00GMT but market focus will remain on the EU leaders summit which is set to resume at 04:15GMT after going on a break.

906

AceTraderFx July 21 : Daily Recommendations on Major -EUR/USD

flag_eur DAILY MARKET OUTLOOK on Major
Update Time: 21 July 2020 03:30GMT

EUR/USD - 1.1462
The single currency’s rise to a fresh 4-month peak at 1.1467 yesterday on optimism of progress made on the EU recovery fund at the summit suggests erratic upmove from March’s trough 1.0637 remains in progress and gain towards 2020 peak at 1.1494 is envisaged, however, loss of momentum would keep price below 1.1510/15 and yield a much-needed correction later this week.

On the downside, only below 1.1371 would indicate a temporary top has been made and risk stronger retracement to 1.1340/50 later.

In the absence of major economic data from the eurozone today, one should pay attention to comments from ECB Vice President Luis de Guindos at 13:30GMT

907

AceTraderFx July 22 : Daily Recommendations on Major -EUR/USD

flag_eur DAILY MARKET OUTLOOK on Major
Update Time: 22 July 2020 03:30GMT

EUR/USD - 1.1532
The single currency’s rise to a 1-1/2 year peak at 1.1539 on usd’s broad-based weakness signals medium-term upmove remains in progress and further gain to 1.1570/75 would be seen after consolidation, however, overbought condition would keep price below 1.1600/10 and yield a much-needed correction later this week.

On the downside, only below 1.1469 would indicate a temporary top has been made and risk stronger retracement to 1.1424/25, then 1.1403 before prospect of rebound.

In the absence of major economic data from the eurozone today, pay attention to comments from ECB President Christine Lagarde at 13:15GMT.

908

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

flag_eur DAILY MARKET OUTLOOK on Major
Update Time: 23 July 2020 03:30GMT

EUR/USD - 1.1568
Although price has eased after euro’s rally to a 21-month peak at 1.1601 yesterday and minor consolidation would be seen, as said move signals erratic upmove from 2020 trough at 1.0637 (March) has resumed, upside bias remains and above 1.1601 would extend to 1.1621. However, loss of momentum would keep price below 1.1653 and yield a much-needed correction later.

On the downside, only below 1.1508 would indicate a temporary top has been made and risk would increase for stronger retracement to 1.1403 later this month.

Data to be released on Thursday :
Japan market holiday, Australia NAB business confidence.
Germany GfK consumer sentiment, France business climate, UK CBI trends orders.
U.S. initial jobless claims, continued jobless claims, leading index change, KC Fed manufacturing index, and EU consumer confidence.

909

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

flag_eur DAILY MARKET OUTLOOK on Major
Update Time: 24 July 2020 03:30GMT

EUR/USD - 1.1608

The single currency’s rise to a fresh 21-month peak at 1.1626 yesterday on usd’s broad-based weakness due to falling U.S. stocks and yields suggests medium-term upmove remains in progress and further gain to 1.1650/53 would be seen after consolidation, however, loss of momentum would keep price below 1.1687/90 and yield a much-needed correction early next week.

On the downside, only below 1.1541 would indicate a temporary top has been made and risk would increase for a stronger retracement to 1.1508.

Data to be released on Friday :

New Zealand imports, trade balance, exports, Australia services PMI, manufacturing PMI, Japan market holiday.

UK GfK consumer confidence, retail sales, retail sales ex-fuel, Markit manufacturing PMI, Markit services PMI, France Markit manufacturing PMI, Markit services PMI, Germany Markit manufacturing PMI, Markit services PMI, Italy manufacturing business confidence, consumer confidence, trade balance, EU Markit manufacturing PMI, Markit services PMI.

U.S. building permits, Markit manufacturing PMI, Markit services PMI, new home sales.

910

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

flag_eur DAILY MARKET OUTLOOK on Major
Update Time: 27 July 2020 03:00GMT

EUR/USD - 1.1663
The single currency’s rise to a 22-month peak at 1.1658 new New York closing on Friday and intra-day break of this resistance signals medium-term upmove remains in progress and further gain to 1.1687/90 would be seen after consolidation, however, loss of momentum would keep price below 1.1730/34 and yield a much-needed correction later this week.

On the downside, only below 1.1582 would indicate a temporary top has been made and risk stronger retracement to 1.1541 later.

Pay attention to the release of Germany Ifo business climate, current conditions and expectations at 08:00GMT. Street forecasts are 89.3, 85.3 and 93.2 vs previous readings of 86.2, 81.3 and 91.4 respectively.

911

ceTraderFx July 28 : Daily Recommendations on Major -EUR/USD

flag_eur DAILY MARKET OUTLOOK on Major
Update Time: 28 July 2020 03:30GMT

EUR/USD - 1.1764
The single currency’s rise to a fresh 22-month peak at 1.1781 yesterday on usd’s broad-based weakness suggests upmove from March’s 3-year bottom at 1.0637 remains in progress and further gain to 1.1815 would be seen after consolidation, however, loss of momentum would keep price below 1.1840/50 and yield a much-needed correction.

On the downside, only below 1.1683 would indicate a temporary top has been made and risk stronger retracement to 1.1626/30 later.

Data to be released on Tuesday :
UK CBI distributive trades, and U.S. redbook, CaseShiller home price, consumer confidence, Richmond Fed manufacturing index.

912

AceTraderFx July 29 : Daily Recommendations on Major -EUR/USD

flag_eur DAILY MARKET OUTLOOK on Major
Update Time: 29 July 2020 03:30GMT

EUR/USD - 1.1721
Although price has retreated after Monday’s rise to a fresh 22-month peak at 1.1781 and minor consolidation would be seen in Asia, as 1.1700 has contained downside in Europe yesterday, upside bias remains and above aforesaid top would extend to medium-term upmove to 1.1795/00, however, loss of momentum would keep price below 1.1815 and yield a much-needed correction later.

On the downside, only below 1.1683 would indicate a temporary top has been made and risk stronger retracement to 1.1658, then 1.1626.

Pay attention to Germany’s import prices mm and yy at 06:00GMT. Street forecasts are 0.5% and -5.1% vs previous readings of 0.3% and -7.0% respectively.

913

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

flag_eur DAILY MARKET OUTLOOK on Major
Update Time: 30 July 2020 03:30GMT

EUR/USD - 1.1778
The single currency’s resumption of recent uptrend to a fresh 22-month peak at 1.1806 in post-FOMC trading yesterday suggests Medium Term upmove remains in progress and further gain to 1.1815, then 1.1830/40 would be seen after consolidation, however, loss of momentum would keep price below 1.1861 and yield a much-needed correction later.

On the downside, only below 1.1719 would indicate a temporary top has been made and risk stronger retracement to 1.1700, then 1.1683 before prospect of a rebound later.

Data to be released on Thursday :
Japan retail sales, New Zealand NBNZ business outlook, NBNZ own activity, Australia building permits, export prices, import prices.
France producer prices, Swiss KOF indicator, Germany unemployment change, unemployment rate, GDP, CPI, HICP, Italy unemployment rate, EU business cliamte, economic sentiment, industrial sentiment, services sentiment, consumer confidence, unemployment rate, Canada average weekly earnings.
U.S. GDP, GDP deflator, core PCE price index, PCE price index, initial jobless claims, continued jobless claims.

914

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

flag_eur DAILY MARKET OUTLOOK on Major
Update Time: 04 Aug 2020 03:30GMT

EUR/USD - 1.1755
Despite the single currency’s rise to a fresh 2-year peak at 1.1908 last Friday, subsequent selloff to 1.1697 in New York yesterday suggests recent upmove has made a temporary top there and choppy trading with mild downside bias would be seen, however, support at 1.0732 would remain intact and yield rebound later.

On the upside, only above 1.1896 would indicate aforesaid correction has ended and risk re-test of said resistance, break would extend to 1.1940/50.

Pay attention to the release of EU producer prices mm and yy at 09:00GMT. Street forecasts are 0.5% and -3.9% vs previous readings of -0.6% and -5.0% respectively.