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AceTraderFx Sept 7: Daily Recommendations on Major -EUR/USD
DAILY MARKET OUTLOOK on Major EUR/USD
Update Time: 07 Sep 2016 04:33 GMT
EUR/USD - 1.1246
Euro's spectacular rally above 1.1182 res and then last Fri's post-NFP high of 1.1252 to 1.1263 in New York morning due to usd's broad-based weakness after key U.S. ISM non-manufacturing PMI index fell to its lowest in 6 years suggests early erratic fall from Aug's 6-week peak at 1.1366 has indeed formed a low last week at 1.1123 and as long as 1.1205/08 holds, consolidation with upside bias remains for further headway towards 1.1300.
However, overbought condition should cap price well below res at 1.1341.
On the downside, only below 1.1200 signals aforesaid correction from 1.1123 has ended, then risk would shift to the downside for subsequent weakness towards 1.1140 later this week.
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Update Time: 07 Sep 2016 04:33 GMT
EUR/USD - 1.1246
Euro's spectacular rally above 1.1182 res and then last Fri's post-NFP high of 1.1252 to 1.1263 in New York morning due to usd's broad-based weakness after key U.S. ISM non-manufacturing PMI index fell to its lowest in 6 years suggests early erratic fall from Aug's 6-week peak at 1.1366 has indeed formed a low last week at 1.1123 and as long as 1.1205/08 holds, consolidation with upside bias remains for further headway towards 1.1300.
However, overbought condition should cap price well below res at 1.1341.
On the downside, only below 1.1200 signals aforesaid correction from 1.1123 has ended, then risk would shift to the downside for subsequent weakness towards 1.1140 later this week.
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