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

Trading Discussion Currencies
955

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

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

EUR/USD - 1.1673
Despite the single currency’s fall to a near 2-month bottom at 1.1613 on Friday due usd’s continued strength, subsequent strong rebound to 1.1679 suggests decline from September’s 2-year peak at 1.2011 has made a temporary low there and consolidation with upside bias for gain to 1.1684/87, above would extend to 1.1718/21 before prospect of retreat later this week.

On the downside, only below 1.1643 would indicate aforesaid recovery has ended instead and turn outlook bearish for weakness to 1.1613.

Pay attention to the release of EU business climate, economic sentiment and consumer sentiment at 09:00GMT. Street forecasts are -1.38, 89.5 and -13.9 vs previous readings of -1.33, 87.7 and -13.9 respectively.

956

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

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

EUR/USD - 1.1746
Despite the single currency’s fall to a near 2-month bottom at 1.1613 on Friday due usd’s continued strength, subsequent strong rebound to 1.1745 yesterday suggests decline from September’s 2-year peak at 1.2011 has made a temporary low there and consolidation with upside bias for gain to 1.1684/87, above would extend to 1.1774/75 before prospect of retreat later this week.

On the downside, only below 1.1679 would indicate aforesaid recovery has ended instead and turn outlook bearish for weakness to 1.1640/43.

Pay attention to the release of Germany retail sales mm and yy at 06:00GMT. Street forecasts are 0.5% and 4.2% vs previous readings of 4.2% and -20.4%. There are a number of ECB policymakers due to speak today, with President Lagarde scheduled to speak at the ECB and its Watchers Conference in Frankfurt at 07:20GMT.

957

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

flag_eur DAILY MARKET OUTLOOK on Major
Update Time: 05 Oct 2020 03:30GMT

EUR/USD - 1.1725
Despite euro’s resumption of upmove from September’s 8-week low at 1.1613 to 1.1769 on Thursday, subsequent retreat to 1.1697 Friday suggests temporary top is made and consolidation would be seen before prospect of another fall to 1.1662/66, break needed to head towards 1.1643.

On the upside, only above 1.1769 risks another rise to 1.1790/95 but 1.1812 should remain intact.

On the data front, there will be a slew of manufacturing PMI data released from the euro zone later today, as well as EU’s Sentix index and retail sales. Traders should pay attention to Germany and EU’s PMIs with street forecasts at 49.1 and 47.6 respectively versus previous readings of 49.1 and 47.6.

958

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

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

EUR/USD - 1.1790
Euro’s yesterday’s rise above last Thursday’s 1.1769 high to 1.1797 in New York suggests recent upmove from September’s 8-week trough at 1.1613 to retrace decline from 2020 2-year peak at 1.2011 has resumed and further gain to 1.1830/40 would be seen after consolidation, however, overbought condition should cap price below 1.1870/71.

On the downside, only below 1.1742 indicates temporary top is made and risks 1.1721, then 1.1697/00.

Data to be released on Tuesday :
New Zealand NZIER confidence, GDT price index, Australia AIG construction index, ANZ job advertisements, trade balance, imports, exports, RBA interest rate decision.
UK BRC retail sales, Markit construction PMI, China market holiday, Germany industrial orders.
U.S. trade balance, redbook, JOLTS job openings, and Canada trade balance, exports, imports.

959

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

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

EUR/USD - 1.1733
Despite euro’s resumption of upmove from September’s 8-week low at 1.1613 to a 2-week high of 1.1807 at NY open yesterday, subsequent selloff to 1.1731 in Australia today on active safe-haven usd buying suggests temporary top is made and weakness to 1.1685 would be seen after consolidation but 1.1662/66 may hold.

On the upside, only above 1.1765/70 may risk re-test of 1.1807, break, 1.1827/32 later.

Data to be released on Wednesday :
Australia AIG services index, China market holiday, Japan coincident index, leading indicator.
Germany industrial output, France current account, trade balance, imports, exports, UK Halifax house price index, labour productivity, Italy retail sales.
U.S. MBA mortgage applications, and Canada Ivey PMI.

960

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

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

EUR/USD - 1.1766
Despite euro’s resumption of upmove from September’s 8-week bottom at 1.1613 to 1.1807 on Tuesday, subsequent fall to 1.1726 in Asia yesterday suggests temporary top is made and Wednesday’s strong rebound to 1.1782 in New York on usd’s weakness would bring choppy sideways swings, above 1.1797 needed to head to 1.1807, break, 1.1827/30.

On the downside, only below 1.1720/26 would risk weakness to 1.1697/00 but 1.1685 may hold.

On the calendar front, Germany will release exports, imports, trade balance and current account at 06:00 GMT. We have also have a couple of ECB officials due to speak in European session and ECB monetary policy meeting account scheduled at 11:30. Please refer to our EI page for more details.

961

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

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

EUR/USD - 1.1760
Despite euro’s resumption of upmove from September’s 8-week low at 1.1613 to 1.1807 on Tuesday, subsequent fall to 1.1726 Wednesday suggests temporary top made and yesterday’s rebound to 1.1781, then retreat o 1.1734 would bring choppy sideways swings.

Only above 1.1797 would bring re-test of 1.1807, break, 1.1827/30 later while below 1.1721/26, 1.1697/00.

On the data front, France will release industrial output at 06:45 GMT, followed by Italy industrial output at 08:00 GMT.

962

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

flag_eur DAILY MARKET OUTLOOK on Major
Update Time: 12 Oct 2020 03:30GMT

EUR/USD - 1.1818
Euro’s rally on Friday and then break of last Tuesday’s 1.1807 high to a 17-day top of 1.1831 near New York close suggests recent upmove from September’s 1.1613 bottom to retrace decline from September’s 27-month 1.2011 peak has resumed and consolidation would be seen before heading to 1.1896/00 but 1.1917 should hold due to overbought condition.

On the downside, only below 1.1781/82 indicates temporary top made and risks retracement to 1.1734/39.

Data to be released today :
Japan corporate goods price index, machinery orders.
U.S. market holiday, and Canada market holiday on Monday.

963

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

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

EUR/USD - 1.1748
Despite euro’s resumption of upmove from September’s 8-week bottom at 1.1613 to a 2-week high at 1.1831 Friday, yesterday’s selloff to 1.1732 on usd’s broad-based strength suggests temporary top is made an mild downside bias would be seen after consolidation, loss of momentum should keep price above 1.1685 today.

On the upside, only above 1.1800/05 indicates pullback has possibly ended and risks gain to 1.1826/31.

On the calendar front, EU will release industrial production at 09:00 GMT and we have some ECB officials due to speak, please refer to our Economic Indicators page for more details.

964

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

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

EUR/USD - 1.1748
Although euro’s fall from Friday’s 2-1/2 week high at 1.1831 to 1.1720 suggests recent upmove from September’s 8-week bottom at 1.1613 has made a temporary top, subsequent rebound to 1.1770 in New York, then retreat to 1.1741 in Australia today would bring choppy sideways swings.

Above 1.1770 would head back to 1.1798/03 while below 1.1720 risks another drop to 1.1697/00.

On the data front, we have a slew of data from euro zone today, please refer to our Economic Indicators page for more details. Also, we have ECB President Christine Lagarde scheduled to speak at 16:00 GMT in the online CNBC Debate on the global economy during the IMF/World Bank Annual Meeting.

965

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

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

EUR/USD - 1.1714
Despite euro’s resumption of upmove from September’s 8-week trough at 1.1613 to a 2-1/2 week high at 1.1831, yesterday’s selloff to 1.1689 in New York on safe-haven usd buying suggests temporary top is made and subsequent rebound would bring choppy sideways swings before prospect of another fall to 1.1660/65, however, oversold condition should keep price above 1.1613.

On the upside, only above 1.1741 indicates low made and risks stronger retracement to 1.1770 before retreat.

On the data front, Italy will kick off with CPI at 08:00 GMT and at 09:00 GMT, we have Italy trade balance and EU trade balance, HICP, core HICP.
Later in New York afternoon, ECB board member Andrea Enria is scheduled to speak at 16:55 GMT.

966

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

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

EUR/USD - 1.1775
Despite euor’s fall from Oct’s 2-1/2 week high at 1.1831 to 1.1689 last Thursday, subsequent rebound and yesterday’s rally to 1.1793 in New York suggests temporary low is made, above 1.0807/10 would bring re-test of 1.1831, however, loss of momentum may cap price below 1.1870/80.

On the downside, only below 1.1745 indicates recovery has ended instead and risks weakness to 1.1704, break, 1.1689 again.

Data to be released on Tuesday :
New Zealand NZIER confidence, China house prices.
Swiss trade balance, exports, imports, Germany producer prices, EU current account.
U.S. building permits, housing starts, redbook.

967

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

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

EUR/USD - 1.1833
Yesterday’s rally from 1.1761 (Europe) and then break of previous October’s 1.1831 high to a 4-week high of 1.1840 in New York due to improved risk sentiment suggests recent upmove from September’s 8-week trough at 1.1613 has once again resumed and further headway to 1.1885/90 would be seen after consolidation but overbought condition should cap price below 1.1917.

On the downside, only below 1.1793 indicates temporary top made and risks weakness to 1.1758/61.

Although there will be no data from the euro zone today, we have some Fed officials scheduled to speak later on, please refer to our EI page for more details. Traders should also pay close attention to the development of U.S. coronavirus aid relief negotiations.

968

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

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

EUR/USD - 1.1850
Although euro has retreated after yesterday’s resumption of upmove from September’s 8-week trough at 1.1613 to a 1-month high at 1.1880 and range trading would be seen before prospect of another rise to 1.1912/17, however, loss of momentum should cap price below 1.1935 today.

On the downside, only below 1.1820 indicates temporary top is made and risks stronger retracement to 1.1758/61.

On the calendar front, euro zone will release consumer confidence later at 14:00 GMT and we have some ECB officials scheduled to speak, please refer to our EI page for more details.

969

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

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

EUR/USD - 1.1800

Despite euro’s resumption of upmove from September’s 8-week 1.1613 bottom to a 1-month peak at 1.1880 on Wednesday, subsequent fall to 1.1812 in New York yesterday, then 1.1788 in Asia today suggests temporary top is made an consolidation with mild downside bias would be seen, oversold condition may keep price above 1.1761 and yield rebound later.

On the upside, above 1.1840/42 would head back to 1.1866, break needed to bring re-test of 1.1880.

Today is PMI day with street forecasts for euro zone Markit manufacturing PMI and Markit services PMI at 53.1 and 47.0 respectively versus prior readings of 53.7 and 48.0.

970

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

flag_eur DAILY MARKET OUTLOOK on Major
Update Time: 27 Oct 2020 03:30GMT

EUR/USD - 1.1818
Despite euro’s strong rebound from 1.1788 to 1.1864 last Friday, yesterday’s retreat to 1.0804 on usd’s broad-based strength suggests choppy trading below October’s 1-month peak at 1.1880 would continue with downside bias but below 1.1788 needed to head to 1.1761/66 later.

On the upside, only above 1.1847 would risk gain to 1.1864/66, then possibly re-test of 1.1880.

On the data front, only France will release producer price index at 07:45 GMT and traders should keep an eye out for any headlines related to U.S. stimulus talks.

971

AceTraderFx Oct 28 : Daily Recommendations on Major -EUR/USD

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

EUR/USD - 1.1775
Despite euro’s resumption of upmove from September’s 8-week trough at 1.1613 to a 1-month high of 1.1880 last Wednesday, subsequent erratic fall to 1.1770 in Australia today suggests temporary top is made and weakness to 1.1704/09 would be seen after consolidation but October’s 1.1689 low should hold, yield rebound.

On the upside, only above 1.1838 would risk stronger gain to 1.1864/66, break, 1.1880 again.

Data to be released on Wednesday:
Australia CPI, France consumer confidence.
Italy trade balance, producer prices, Swiss investor sentiment.
U.S. MBA mortgage applications, trade balance, wholesale inventories and Canada Bank of Canada interest rate decision.

972

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

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

EUR/USD - 1.1751
Although euro has rebounded after yesterday’s selloff to an 8-day low at 1.1718 at New York open on active safe-haven usd buying due to potential lockdown in France and Germany as well as selloff in U.S. stocks, as 1.1760 has capped recovery, consolidation with downside bias remains for weakness to 1.1689 (October’s low), break would yield marginal weakness but 1.1650/60 should hold.

On the upside, only above 1.1788 may risk stronger retracement to 1.1800/10, break, 1.1838.

Data to be released on Thursday:
Japan retail sales, Bank of Japan interest rate decision, consumer confidence, New Zealand NBNZ business outlook NBNZ own activity, Australia export prices, import prices.
Germany unemployment change, unemployment rate, CPI, HICP, Italy business confidence, consumer confidence, EU business climate, economic sentiment, industrial sentiment, services sentiment, consumer confidence, ECB refinancing rate decision, ECB deposit rate decision.
U.S. GDP, GDP deflator, core PCE price index, PCE price index, initial jobless claims, continued jobless claims, pending home sales, and Canada average weekly earnings, building permits.

973

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

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

EUR/USD - 1.1673
Euro’s selloff yesterday to a 1-month low at 1.1651 in post-ECB New York suggests correction from September’s 8-week trough at 1.1613 has ended at last Wednesday’s 1-month high of 1.1880 and re-test of 1.1613 would be seen after consolidation, break would extend decline from September’s 2-year 1.2011 peak to 1.1585/90 but 1.1555/60 should hold today.

On the upside, only above 1.1718 indicates temporary low is made and risks gain to 1.1745, then 1.1760

Data to be released on Friday :
Japan Tokyo core CPI, Tokyo CPI, unemployment rate, industrial output, construction orders, housing starts, Australia PPI, France GDP, consumer spending, CPI (EU norm), CPI, Germany retail sales, GDP, UK nationwide house price index, Swiss retail sales, KOF indicators, Italy unemployment rate, CPI, CPI (EU norm), GDP, EU HICP, core HICP, GDP, unemployment rate.
U.S. personal income, personal spending, core PCE price index, PCE price index, employment wages, employment costs, Chicago PMI, University of Michigan sentiment, and Canada GDP, producer prices, budget balance.

974

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

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

EUR/USD - 1.1641
Euro’s selloff last week from 1.1864 (Monday) to a 1-month low at 1.1640 Friday due to usd’s continued strength suggests correction from September’s 1.1613 trough has ended earlier at 1.1880 in October and intra-day brief break of 1.1640 would bring re-test of 1.1613 after consolidation, below would extend decline from September’s 2-year 1.2011 peak to 1.1585/90 before prospect of rebound.

On the upside, only daily close above 1.1704 indicates temporary trough made, risks gain to 1.1755/60.

Data to be released today:
Australia AIG manufacturing index, building permits, ANZ job advertisements, New Zealand building permits, Japan Jibun Bank manufacturing PMI, China Caixin manufacturing PMI.
Swiss manufacturing PMI, Italy Markit manufacturing PMI, Germany Markit manufacturing PMI, EU Markit manufacturing PMI, UK Markit manufacturing PMI.
Canada Markit manufacturing PMI, and U.S. Markit manufacturing PMI, construction spending, ISM manufacturing PMI on Monday.