AceTraderFx: Daily Market Outllook on Major -EUR/USD

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AceTraderFx Oct 24: Daily Recommendations on Major EUR/USD

DAILY MARKET OUTLOOK
Update Time: 24 Oct 20160 5:08 GMT

EUR/USD - 1.0865
Friday's break of key sup at 1.0912 (June's low) and subsequent daily close below there confirms medium-term downtrend from 2016 peak at 1.1617 (May) has finally resumed and weakness to next downside chart objective at 1.0821 is now envisaged, however, reckon minor sup at 1.0776 would hold on 1st testing.

On the upside, only a daily close above 1.0912 signals temporary low is in place and may risk stronger retracement towards 1.0952.
However, reckon 1.1000/05 would remain intact and yield another decline later this week.

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AceTraderFx Oct 25: Daily Recommendations on Major EUR/USD

DAILY MARKET OUTLOOK
Update Time: 25 Oct 2016 05:13 GMT

EUR/USD - 1.0873
Although euro gained respite in Monday's trading after resumption of recent downtrend to a 7-month trough of 1.0859 last Friday and initial consolidation is in store, as long as 1.0912/16 (previous sup, now res), outlook remains bearish for marginal weakness.
However, near term loss of momentum is expected to limit weakness to 1.0821 today and risk has increased for a correction to take place later this week.

A daily close above 1.0912 would be the 1st signal temporary low is in place and risk stronger retracement to 1.0946/52 before prospect of a retreat.

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AceTraderFx Oct 27: Daily Recommendations on Major EUR/USD

DAILY MARKET OUTLOOK
Update Time: 27 Oct 2016 05:07 GMT

EUR/USD - 1.0903
Despite euro's retreat from yesterday's 1.0946 (NY high), as early strong rebound from Tuesday's fresh 7-month trough at 1.0851 confirms recent downtrend has finally made a temporary low there, several days of choppy consolidation with upside bias remains and reckon 1.0873 sup would contain weakness, yield further subsequent headway towards 1.0986 but 1.1000/05 would cap upside today.

Only below 1.0873 would dampen near term bullish bias on euro and may risk re-test of 1.0851.
However, loss of downward momentum should limit weakness to 1.0821.

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AceTraderFx Oct 31: Daily Recommendations on Major EUR/USD

DAILY MARKET OUTLOOK
Update Time: 31 Oct 2016 05:20 GMT

EUR/USD - 1.0970
Euro's impressive rally above previous res at 1.0946 (now sup) to 1.0992 in New York last Friday despite upbeat U.S. GDP data confirms medium-term downtrend has indeed formed a low earlier last week at 1.0851 and consolidation with upside bias remains for gain towards daily chart obj. at 1.1040.
However, a daily close above this res level is needed to retain bullish prospect for further subsequent gain.

On the downside, below 1.0946 would signal 1st leg of correction is over and may risk weakness towards 1.0902/05 but 1.0883 should remain intact.

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AceTraderFx Oct 31: Daily Recommendations on Major USD/JPY

DAILY MARKET OUTLOOK
Update Time: 31 Oct 2016 09:43 GMT

USD/JPY - 104.95
The greenback's rise above Tuesday's high at 104.87 to a fresh 3-month high at 105.53 Friday suggests recent erratic upmove from August's trough at 99.54 has once again resumed and consolidation with upside bias would be seen for gain towards 105.70/80, however, near term loss of momentum would keep price below 106.00 today and yield a much-needed correction later.

On the downside, only below 104.30 would indicate a temporary top has been made and risk would increase for a stronger retracement towards 104.02 later next week.

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AceTraderFx Nov 2: Daily Recommendations on Major EUR/USD

DAILY MARKET OUTLOOK
Update Time: 02 Nov 2016 05:05 GMT

EUR/USD - 1.1055
Yesterday's impressive rally above last week's 1.0992 high (now sup) to a 2-week peak of 1.1069 in New York due to broad-based usd's weakness confirms medium-term downtrend has made a low at last Tuesday's 7-month bottom at 1.0851 and consolidation with upside bias remains for further headway to 1.1100/04, overbought condition should cap euro below 1.1121 and bring subsequent retreat.

A daily close below 1.0992 would confirm 1st leg of correction has ended, then risk would shift to the downside for weakness to 1.1060, then towards 1.0936.

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AceTraderFx Nov 4: Daily Recommendations on Major EUR/USD

DAILY MARKET OUTLOOK
Update Time: 04 Nov 2016 05:01 GMT

EUR/USD - 1.1100
Despite yesterday's retreat from Asian 3-week high of 1.1126 to as low as 1.1060 in New York morning due to intra-day active selling in eyr/gbp cross following U.K. High Court's Brexit ruling, subsequent rebound suggests pullback is over and upmove from last Tuesday's 7-month trough at 1.0851 to correct euro's medium-term downtrend would head to 1.1160/70 after consolidation, loss of upward momentum should cap price at 1.1200/05.

On the downside, only a daily close below 1.1050/60 sup confirms temporary top is in place and may risk stronger retracement to 1.0992.

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AceTraderFx Nov 7: Daily Recommendations on Major EUR/USD

DAILY MARKET OUTLOOK
Update Time: 07 Nov 2016 05:25 GMT

EUR/USD - 1.1085
Although initial strong retreat to 1.1045 at Monday open in New Zealand following Friday's resumption of recent upmove to a fresh 3-week peak of 1.1143 in post-NFP New York session suggests temporary low has been made, as long as said intra-day low holds, choppy consolidation with upside bias remains, above 1.1126/30 would encourage for marginal gain above 1.1143.
However, loss of upward momentum should cap euro below res at 1.1205.

Below 1.1045 anytime would confirm early rise from October's 1.0851 bottom has made a top, then risk would shift to the downside for stronger retracement towards 1.0992 (previous res, now sup).

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AceTraderFx Nov 8: Daily Recommendations on Major EUR/USD

DAILY MARKET OUTLOOK
Update Time: 08 Nov 2016 05:08 GMT

EUR/USD - 1.1042
Although yesterday's initial selloff to 1.1045 in New Zealand confirms euro's recent strong upmove from October's 7-month trough at 1.0851 has made a temporary top last Friday at 1.1143, as 1.1028 in New York afternoon session has contained weakness, consolidation with mild upside bias is in store.
Above 1.1075/80 would add credence to this view and bring stronger gain towards 1.1110 but reckon 1.1143 top would remain intact ahead of outcome of U.S. presidential election.

On the downside, only a daily close below 1.1028 would shift risk to downside for stronger retracement of aforesaid rise and risks weakness to 1.0992 but reckon minor sup at 1.0936 would hold from here.

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AceTraderFx Nov 10: Daily Recommendations on Major EUR/USD

DAILY MARKET OUTLOOK
Update Time: 10 Nov 201605:28 GMT

EUR/USD - 1.0921
As yesterday's 'roller-coaster' ride in euro ended with the single currency falling from an 8-week peak of 1.1300 (Asia) to as low as 1.0907 near New York close, suggesting early correction from October's 7-month bottom at 1.0851 has indeed ended and consolidation with downside bis remains for subsequent weakness towards said key daily sup.

On the upside, expect 1.0990 (Wed's Asian low, now res) to hold for this move and only a daily close above this level would 'prolong' volatile consolidation an may risk stronger retracement to 101060/70 before prospect of another fall.

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AceTrader has been in FX market since 1984, with proven analytical approach used by professionals and real-time updates