AceTraderFx: Daily Market Outllook on Major -EUR/USD

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AceTraderFx Nov 11: Daily Recommendations on Major EUR/USD

DAILY MARKET OUTLOOK
Update Time: 11 Nov 2016 00:32 GMT

EUR/USD - 1.0885
Yesterday's resumption of decline from Wed's 8-week peak at 1.1300 to 1.0865 in New York suggests re-test of key sup at 1.0851 (Oct's 7-month bottom) is on the cards after initial consolidation, break there would extend medium-term downtrend twd next daily downside chart objective at 1.0821.

On the upside, expect 1.0950/54 to hold for this move n only a daily close above there confirms temporary low is ion place and may risk stronger correction to 1.0980/90 before prospect of another fall next week.

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AceTraderFx Nov 14: Daily Recommendations on Major EUR/USD

DAILY MARKET OUTLOOK
Update Time: 14 Nov 201602:19 GMT

EUR/USD - 1.0795
Euro's intra-day selloff after penetrating last Fri's 1.0831 low to a 10-month bottom of 1.0773 in Asia due to renewed broad-based usd's strength confirms medium-term downtrend has resumed, however, oversold condition should prevent steep fall and reckon key daily sup at 1.0711 (2016 bottom) would remain intact and risk has increased for a much-needed minor correction to occur later today or tomorrow.

On the upside, above 1.0831 would be the 1st signal temporary low has been made and yield stronger retracement to1.0865/70 but recon 1.0919/23 res would cap upside.

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AceTraderFx Nov 15: Daily Recommendations on Major EUR/USD

DAILY MARKET OUTLOOK
Update Time: 15 Nov 201601:12 GMT

EUR/USD - 1.0766
Although euro's intra-day rebound at Asian open suggests recent downtrend has made a temporary low at Mon's 10-month trough at 1.0709 (NY) and consolidation with near term upside bias is in store, reckon 1.0786/89 would cap present recovery and yield one more fall, loss of downward momentum should keep price above 1.0674 today.

On the upside, above 1.0828/31 (previous sup, now res) anytime would confirm long-awaited correction has taken place and risk stronger gain to 1.0865/75 later.

 

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AceTraderFx Nov 16: Daily Recommendations on Major EUR/USD

DAILY MARKET OUTLOOK
Update Time: 16 Nov 201601:46 GMT

EUR/USD - 1.0747
Although yesterday's intra-day selloff from 1.0817 (Europe) to as low as 1.0714 in New York after upbeat U.S. retail sales data confirms correction from Mon's 10-month bottom at 1.0709 has ended, euro's rebound in Asia today suggests further choppy sideways swings would continue before medium-term downtrend extends twd 1.0674 target later today or tomorrow.

Only abv 1.0817 aborts present bearish scenario on euro and risks stronger correction to 1.0855/65 before prospect of a retreat.

 

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AceTraderFx Nov 17: Daily Recommendations on Major EUR/USD

DAILY MARKET OUTLOOK
Update Time: 17 Nov 201602:53 GMT

EUR/USD - 1.0698
Euro's rebound from Wed's fresh 10-month trough at 1.0666 in New York suggests consolidation is in store as market awaits Fed Chair Yellen's testimony later today, a firm rise above 1.0730 would be the 1st signal temporary low has been made and bring a long-overdue correction to 1.0760, however, res at 1.0817 should cap subsequent rise.

On the downside, below 1.0666 would risk marginal weakness, however, loss of downward momentum should keep price above minor chart sup at 1.0617 and yield correction.

 

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AceTraderFx Nov 18: Daily Recommendations on Major EUR/USD

DAILY MARKET OUTLOOK
Update Time: 18 Nov 2016 05:06 GMT

EUR/USD - 1.0592
Despite euro's intra-day break of overnight New York low of 1.0619 to a fresh 11-1/2 month trough of 1.0582 in Asia today following yesterday's upbeat U.S. data and then hawkish comments by Fed's Chair Yellen, oversold condition is likely to prevent steep fall today and reckon key and pivotal daily chart sup at 1.0523 would remain intact and risk has increased for a much-needed short covering rebound to occur later today.

On the upside, above 1.0666 (previous low, now res) would be the 1st signal a temporary bottom has been made, then stronger retracement towards 1.0746 would follow.

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AceTraderFx Nov 21: Daily Recommendations on Major EUR/USD

DAILY MARKET OUTLOOK
Update Time: 21 Nov 201605:30 GMT

EUR/USD - 1.0605
Despite Friday' resumption of medium-term downtrend to a fresh 11-1/2 month bottom at 1.0570 in New York session due to broad-based usd's strength, subsequent recovery and intra-day gain to 1.0624 (New Zealand) suggests choppy trading above said temporary low is in store in Asia, as long as Friday's high at 1.0643 holds, outlook remains mildly bearish for one more fall.
However, loss of momentum would keep euro above daily sup at 1.0523.

On the upside, a firm break of 1.0643 would signal long-awaited correction of recent decline has taken place, then risk would shift to the upside for stronger retracement to 1.0666, then later to 1.0690/00.

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AceTraderFx Nov 22: Daily Recommendations on Major EUR/USD

DAILY MARKET OUTLOOK
Update Time: 22 Nov 2016 05:22 GMT

EUR/USD - 1.0646
Despite yesterday's retreat from 1.0649 (Europe) to 1.0590 in New York session, euro's intra-day gain to 1.0650 in Asia suggests recent downtrend has made a temporary low at last Friday's fresh 11-1/2 month trough at 1.0570 and consolidation with upside bias is seen for stronger retracement to 1.0675/80, however, reckon 1.0700/05 would cap present rise and yield subsequent decline.

Below 1.0590 would signal correction is over, then risk is seen for re-test of 1.0570.
However, loss of momentum should keep price above daily sup at 1.0523.

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AceTraderFx Nov 23: Daily Recommendations on Major

DAILY MARKET OUTLOOK
Update Time: 23 Nov 2016 05:40 GMT

EUR/USD - 1.0630
Despite euro's intra-day strong retreat yesterday from 1.0658 (Europe) to 1.0584 in New York, subsequent rebound near Tuesday's close suggests further volatile price swings above last Friday's fresh 11-1/2 month bottom at 1.0750 would continue with mild upside bias for gain to 1.0678/83.
However, reckon 1.0700/05 would cap upside and yield another fall 'later' this week.

Only below 1.0570 would extend marginal weakness, however, loss of downward momentum should keep price well above daily sup at 1.0523 and bring another correction.

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AceTraderFx Nov 24: Daily Recommendations on Major EUR/USD

DAILY MARKET OUTLOOK
Update Time: 24 Nov 2016 05:19 GMT

EUR/USD - 1.0533
Yesterday's breach of last Fri's 1.0570 low (now res) to a fresh 11-1/2 month trough at 1.0526 suggests medium-term downtrend would resume after consolidation and below Dec 2015 bottom at 1.0523 would pressure euro to psychological sup at 1.0500 (also option barrier), loss of momentum would limit weakness to 1.0480/85 today and major sup at 1.0457 (2015 12-year low) should remain intact this week.

On the upside, only above 1.0600 would signal temporary low has been made and risk would shift to upside for subsequent retracement to 1.0640/50 before prospect of a retreat later.

AceTrader - Best Intra-day Forex Trading Strategies
AceTrader has been in FX market since 1984, with proven analytical approach used by professionals and real-time updates