AceTraderFx Feb 07: Daily Recommendations on Major -EUR/USD
DAILY MARKET OUTLOOK on Major
Update Time: 07 Feb 2020 03:30GMT
EUR/USD - 1.0982
Euro’s anticipated break of January’s 1.0993 low yesterday to a near 4-month trough of 1.0965 due to continued broad-based usd’s strength suggests early correction from 2019 bottom at 1.0880 (October) has ended at 1.1239 (Dec 31) and consolidaton with downside bias remains for further weakness, however, loss of downward momentum should keep price above 1.0900/10.
On the upside, only a daily close above Thursday’s 1.1013 high (downbeat U.S. jobs data perhaps) signals temporary low is made, then risk would shift to the upside for stronger recovery to 1.1047, then 1.1064/66 before prospect of retreat.
Data to be released on Friday :
Australia AIG construction index, Japan all household spending, coincident index, leading indicator, China exports, imports, trade balance.
UK Halifax house prices, Germany industrial output, exports, imports, trade balance, current account, France current account, industrial output, non-farm payrolls, trade balance, imports, exports, Italy retail sales.
U.S. non-farm payrolls, private payrolls, unemployment rate, average earnings, wholesale inventories, wholesale sales, and Canada employment change, unemployment rate, Ivey PMI.