AceTraderFx: Daily Market Outllook on Major -EUR/USD

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AceTraderFx July 19: Daily Recommendations on Major -EUR/USD

DAILY MARKET OUTLOOK on Major
Update Time: 19 July 2021 03:00GMT

EUR/USD - 1.1810
Euro's weakness to 1.1793 Fri suggests correction from Tue's 3-month low at 1.1773 has ended at 1.1850 and despite recovery on cross-buying of euro vs sterling, outlook remains mildly bearish for re-test of said temporary low after consolidation, loss of downward momentum should keep price well above 2021 bottom at 1.1705.

Only a daily close above 1.1850 'prolongs' choppy consolidation and risks stronger retracement to 1.1875/80 later.

The only eco. data due out today is EU's construction output. The Bundesbank will repease its monthly report sometime in European morning.

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AceTraderFx July 20: Daily Recommendations on Major -EUR/USD

DAILY MARKET OUTLOOK on Major
Update Time: 20 July 2021 03:00GMT

EUR/USD - 1.1796
Despite Monday's resumption of recent decline to a fresh 3-month trough of 1.1765 at New York open, intra-day brief jump to 1.1824 on cross-buying vs sterling suggests temporary low is made and range trading is in store.

As long as 1.1775/80 holds, marginal gain is likely but reckon res at 1.1850 would cap upside. Below 1.1765 would extend marginal weakness, however, loss of momentum should keep price well above 2021 bottom at 1.1705.

Data to be released on Tuesday:
Japan nationwid CPI.
Germany producer prices, Swiss trade balance, exports, imports, EU current account.
U.S. building permits, housing starts, rebook and New Zealand GDT price index.

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AceTraderFx July 21: Daily Recommendations on Major -EUR/USD

DAILY MARKET OUTLOOK on Major
Update Time: 21 July 2021 03:00GMT

EUR/USD - 1.1780
Despite yesterday's marginal weakness to a fresh 3-month trough of 1.1756 in New York, subsequent rebound on intra-day rally in euro cross vs yen and chf due to risk sentiment on rise in U.S. yields and global stocks suggest range trading with initial upside bias would be seen but res at 1.1850 should cap upside.

Below 1.1756 would extend marginal weakness, however, loss of downward momentum would keep price well above 2021 bottom at 1.1705 ahead of Thursday's key ECB monetary policy announcement.

Data to be released on Wednesday :
Japan exports, imports, trade balance, Australia Westpac leading index, retail sales, U.K. PSNB, PSNCR, Italy industrial sales, U.S. Mortgage application and new housing price index.

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AceTraderFx July 22: Daily Recommendations on Major -EUR/USD

DAILY MARKET OUTLOOK on Major
Update Time: 22 July 2021 03:00GMT

EUR/USD - 1.1790
Although euro's rebound on Wednesday after marginal weakness to a fresh 3-1/2 month low at 1.1753 would bring sideways swings ahead of key ECB monetary policy meeting announcement, reckon 1.1850 res would cap upside and yield another fall.

On the downside, below 1.1753 (ECB's dovish hold perhaps) would pressure price towards 2021 bottom at 1.1705 (March).

Data to be released on Thursday:
Japan market holiday, France business climate.
U.K. CBI trends orders, EU ECB refinancing rate, ECB deposit rate.
U.S. initial jobless claims, continuing jobless claims, U.S. existing home sales, leading index change, KC manufacturing index and EU consumer confidence.

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AceTraderFx July 22: Daily Recommendations on Major -EUR/USD

DAILY MARKET OUTLOOK on Major
Update Time: 22 July 2021 03:00GMT

EUR/USD - 1.1790
Although euro's rebound on Wednesday after marginal weakness to a fresh 3-1/2 month low at 1.1753 would bring sideways swings ahead of key ECB monetary policy meeting announcement, reckon 1.1850 res would cap upside and yield another fall.

On the downside, below 1.1753 (ECB's dovish hold perhaps) would pressure price towards 2021 bottom at 1.1705 (March).

Data to be released on Thursday:
Japan market holiday, France business climate.
U.K. CBI trends orders, EU ECB refinancing rate, ECB deposit rate.
U.S. initial jobless claims, continuing jobless claims, U.S. existing home sales, leading index change, KC manufacturing index and EU consumer confidence.

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AceTraderFx July 23: Daily Recommendations on Major -EUR/USD

DAILY MARKET OUTLOOK on Major
Update Time: 23 July 2021 03:00GMT

EUR/USD - 1.1777
As euro's intraday wild swings after ECB's dovish hold has ended with price falling from 1.1830 to 1.1758, re-test of Wednesday's 3-1/2 month trough at 1.1753 would be seen, however, loss of downward momentum may keep price above 2021 bottom at 1.1705 (March) today and risk has increased for a correction to occur next week.

On the upside, only a daily close above 1.1830 would bring stronger retracement of recent decline to 1.1850.

Today is PMI day in the euro area countries, pls refer to our EI page for details n pay attention to Germany's n EU's mfg n services PMIs, weaker-than-expected readings would trigger another round of euro bashing.

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

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

EUR/USD - 1.1770
Euro's selloff from 1.1830 (Thursday) to 1.1755 on Friday suggests re-test of Wednesday's fresh 3-1/2 month trough at 1.1753 would be seen, break there would extend recent erratic decline towards 2021 bottom at 1.1705 (March) but 'loss of downward momentum' may keep price above there.

On the upside, only a daily close above 1.1804 'prolongs' choppy sideways trading and may risk another rise towards 1.1830.

Market's attention is release of Germany's key Ifo data, keep an eye out on Jul's business climate n current expectations.

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

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

EUR/USD - 1.0808
Although euro's fall from 1.1830 (Thursday) to 1.1755 on Friday suggests correction from July's 3-1/2 month trough at 1.1753 has ended, Monday's stronger-than-expected rebound due to broad-based usd's weakness would bring further choppy swings ahead of Wed's Fed's monetary policy decision.

As long as 1.1830 holds, downside bias remains for re-test of 1.1753, however, loss of downward momentum would keep price above 2021 bottom at 1.1705.
Only a daily close above 1.1830 risks stronger retracement to 1.1880/90 before prospect of decline later

Data to be released on Tuesday:
Italy trade balance.
U.S. durables goods, durables ex-transport, durables ex-defense, redbook, monthly home price, consumer confidence and Richmond Fed manufacturing.

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

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

EUR/USD - 1.1817
Although yesterday's brief break of last week's 1.1830 high to 1.1841 in New York due to broad-based usd's weakness suggests recent decline has made a temporary bottom at 1.1753 last week, subsequent retreat would bring consolidation ahead of key FOMC's announcement, below 1.1171 signals correction over and yields re-test of 1.1753, then later towards 2021 trough at 1.1705.

A daily close above 1.1841 (Fed's dovish hold perhaps) would risk stronger gain to 1.1880/90 later.

Data to be released on Wednesday:
Australia CPI, Japan coincident index, leading indicator,
U.K. BRC shop price index, Germany Gfk consumer sentiment, France consumer confidence, Italy business confidence, consumer confidence, Swiss investor sentiment.
U.S. MBA mortgage application good trade balance, wholesale inventories, Fed interest rate decision and Canada CPI.

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

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

EUR/USD - 1.1843
Euro's intra-day jump from 1.1773 to 1.1849 in post-FOMC Wed after Fed's dovish hold suggests recent erratic rise from July's 3-1/2 month trough at 1.1773 would yield further gain after consolidation, overbought condition would cap price below res at 1.1894 and yield retreat later.

On the downside, a daily close below 1.1800 signals correction is over, then risk would shift to the downside for weakness to 1.1771/73.

Data to be released on Thursday:
New Zealand NBNA business outlook, NBNZ outlook activity, Australia export prices, import prices, U.K. nationwide house price, France producer prices Germany unemployment change, Italy producer prices, EU business climate, economic sentiment, industrial sentiment, services sentiment, consumer confidence, Germany CPI, HICP, U.S. GDP, PCE prices, initial jobless claims, continuing jobless claims, pending house sales and Canada average weekly earnings.
On the downside, a daily close below 1.1800 signals correction is over, then risk would shift to the downside for weakness to 1.1771/73.

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