AceTraderFx: Daily Market Outllook on Major -EUR/USD

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AceTraderFx Jan 25: Daily Recommendations on Major -EUR/USD

DAILY MARKET OUTLOOK on Major
Update Time: 25 Jan 2021 03:00GMT

EUR/USD - 1.2172
Euro's 3-legged rise from last Monday's 6-week trough at 1.2055 to as high as 1.2190 Fri suggests recent decline from January's 1.2349 peak has made a temporary low and marginal gain is envisaged, however, loss of upward momentum would cap price below res at 1.2222.

A daily close below 1.2152 (Fri low) would be the 1st signal correction has ended, then outlook would turn bearish for weakness towards 1.2077 later.

Data to be released today:
Germany Ifo business climate, Ifo current conditions, Ifo expectations, EU business sentiment, economic sentiment, industrial sentiment, services sentiment, consumer confidence.
U.S. national activity index on Monday.

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AceTraderFx Jan 26: Daily Recommendations on Major -EUR/USD

DAILY MARKET OUTLOOK on Major
Update Time: 26 Jan 2021 03:00GMT

EUR/USD - 1.2136
Euro's decline from 1.2183 to 1.2117 on weak German Ifo data yesterday suggests early correction from last Monday's 6-week bottom at 1.2055 has possibly ended at 1.2190 (Friday), a daily close below 1.2117 would add credence to this view and head back to 1.2077, then re-test of 1.2055 later this week.

On the upside, only above 1.2190 risks stronger retracement towards 1.2222 before prospect of decline due to loss of upward momentum.

After Monday's market-moving Ifo data, no eco. indicators are due out from the euro area countries today, traders will have to take cue from movements in Asian n European stocks plus U.S. stocks.
We have a number of ECB members scheduled to speak during the day, please refer to EI page for details.

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

DAILY MARKET OUTLOOK on Major
Update Time: 27 Jan 2021 03:00GMT

EUR/USD - 1.2163
Euro's intra-day rally on Tuesday from 1.2108 to 1.2175 due to renewed usd's weakness on return of risk appetite suggests choppy trading above last Mon's 6-week trough at 1.2055 would continue with upside bias, above 1.2190 (Friday's high) would bring stronger retracement of early decline from January's near 33-month peak at 1.2349 to 1.2222 but reckon 1.2284 should remain intact.

On the downside, below 1.2108 anytime signals correction has ended, then weakness to 1.2077 would be seen next.

On the data front, we have German Gfk consumer confidence, then France's consumer confidence n Italy's trade balance. ECB's chief economist will speak at conference at 15:00GMT.

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

DAILY MARKET OUTLOOK on Major
Update Time: 28 Jan 2021 03:00GMT

EUR/USD - 1.2097
Euro's intra-day selloff from 1.2169 (Asia) to as low as 1.2058 on ECB Knot's euro-bearish comments suggests early correction fm last Mon's 6-week trough at 1.2055 has ended at 1.2190 (Fri) and as price has fallen in post-FOMC New York, bearishness remains and below 1.2055 would extend recent decline from Jan's near 33-month peak at 1.2349 twd 1.2011.

On the upside, only a daily close above 1.2128 'prolongs' volatile swings above 1.2055 and may risk another rise twd 1.2190.

The euro area countries will release a slew of eco. data (pls refer to EI page for details).

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

DAILY MARKET OUTLOOK on Major
Update Time: 29 Jan 2021 03:00GMT

EUR/USD - 1.2110
Although euro's erratic rise from this week's low at 1.2058 (Wednesday) to 1.2141 in New York morning yesterday due to rally in U.S. stocks following downbeat U.S. data suggests further volatile swings above last week's trough at 1.2055 would continue, intraday retreat in tandem with U.S. stock futures would bring range trading.

Below Thursday's 1.2080 low would yield re-test of 1.2055, break there extend recent fall from Jauarty's 1.2349 peak towards 1.2011 whilst above 1.2141 may head back towards 1.2175 but 1.2190 res should cap upside.

U.S. will later release a slew of eco. data, pls refer to our EI page for details n pay attention to weekly jobless claims and continued jobless claims to get the feel of the latest condition of the labour market.

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AceTraderFx Feb 01: Daily Recommendations on Major -EUR/USD

DAILY MARKET OUTLOOK on Major
Update Time: 01 Feb 2021 03:00GMT

EUR/USD - 1.2124
Euro's erratic rise last week from 1.2058 (Wednesday) to 1.2155 on Friday suggests further volatile swings above January's 6-week trough at 1.2055 would continue and as long as Friday's 1.2094 low holds, marginal gain can't be ruled out, however, reckon pivotal res at 1.2190 should cap upside n yield decline later.

On the downside, a daily close below 1.2094 would bring weakness towards 1.2055, break would extend recent decline towards 1.2011.

The euro area countries will release a slew of eco. data in European morning, pls refer to our EI page for details and pay attention to German retail sales, then mfg PMI releases from Italy, France, Germany and the EU.

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AceTraderFx Feb 01: Daily Recommendations on Major -EUR/USD

DAILY MARKET OUTLOOK on Major
Update Time: 01 Feb 2021 03:00GMT

EUR/USD - 1.2124
Euro's erratic rise last week from 1.2058 (Wednesday) to 1.2155 on Friday suggests further volatile swings above January's 6-week trough at 1.2055 would continue and as long as Friday's 1.2094 low holds, marginal gain can't be ruled out, however, reckon pivotal res at 1.2190 should cap upside n yield decline later.

On the downside, a daily close below 1.2094 would bring weakness towards 1.2055, break would extend recent decline towards 1.2011.


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

DAILY MARKET OUTLOOK on Major
Update Time: 02 Feb 2021 03:00GMT

Euro's selloff on Monday from 1.2144 to as low as 1.2056 suggests early correction from January's 1.2055 low has ended, below would extend recent fall from January's near 33-month peak at 1.2549 towards 1.2011 before prospect of a recovery due to loss of near term downward momentum.

Only above 1.2094/99 'prolongs' volatile swings above 1.2055 and may risk another rise towards 1.2144 but reckon 1.2155 may cap upside.

Data to be released on Tuesday :
Australia RBA interest rate decision, New Zealand GDT price index
UK nationwide house price, France budget balance, CPI (EU norm), CPI, Italy GDP, EU GDP.
U.S. redbook, ISM New York index, labor costs, productivity.

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AceTraderFx Feb 03: Daily Recommendations on Major -EUR/USD

DAILY MARKET OUTLOOK on Major
Update Time: 03 Feb 2021 03:00GMT

EUR/USD - 1.2045
Despite yesterday's resumption of recent decline from January's near 33-month peak at 1.2349 to a 2-month bottom of 1.2011 in New York, subsequent rebound in tandem with rally in US stocks suggests temporary low is made, a daily close above 1.2055 (January low, now res) is needed to bring stronger retracement to 1.2085/95 but 1.2155 should remain intact this week.

Below 1.2011 would extend marginal weakness, however, loss of downward momentum is expected to keep price above 1.1976 and bring correction later.

Data to be released on Wednesday :
Australia AIG construction index, building permits, New Zealand unemployment rate, employment change, labour cost index, Japan Jibun Bank services PMI, China Caixin services PMI.
Italy Markit services PMI, CPI, CPI (EU norm), France Markit services PMI, Germany Markit services PMI, EU Markit services PMI, HICP, core HICP, producer price index, UK Markit services PMI.
U.S. MBA mortgage applications, labor costs, productivity, ADP employment change, Markit services PMI, ISM non-manufacturing PMI.

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AceTraderFx Feb 04: Daily Recommendations on Major -EUR/USD

DAILY MARKET OUTLOOK on Major
Update Time: 04 Feb 2021 03:00GMT

EUR/USD - 1.2038 Despite Wed's marginal weakness to a fresh 2-month trough of 1.2003 (Reuters) in New York morning , failure to penetrate psychological 1.2000 handle and subsequent rebound suggests recent decline has made a temporary low and range trading is in store, above 1.2049/55 res would bring stronger gain towards 1.2087 before retreat.

Only below 1.2000 risks one more fall, however, weakening of downward momentum is likely to keep price above 1.1976 and yield a much-needed correction later today or tomorrow.

Eco. data in the euro area countries is pretty thin today with EU's Dec retail sales being the only data due out.
We also have some ECB officials scheduled to speak later (please refer to EI page for details).

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