AceTraderFx: Daily Market Outllook on Major -EUR/USD

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AceTraderFx July 30: Daily Recommendations on Major -EUR/USD

DAILY MARKET OUTLOOK on Major
Update Time: 30 July 2021 03:00GMT

EUR/USD - 1.1884
Euro's rally in post-FOMC Wed to as high as 1.1892 yesterday confirms recent decline from 1.2266 (May) has made a low in mid-Jul at 1.1753 and as long as 1.1830 (last week's high, now sup) holds, further gain is envisaged after consolidation, however, near term loss of upward momentum would liimit upside to 1.1940/44 today.

Only a daily close below 1.1830 indicates temporary top is made and may risk stronger retracement to 1.1800/05.

On the data front, euro aea countries will release a slew of eco. data, pls refer to our EI page for details and pay attention to CPI and GDP data.

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

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

EUR/USD - 1.1868
Euro's decline from 1.1909 Fri's 1-month high of to 1.1852 New York after upbeat U.S. data suggests recent upmove has made a temporary top and consolidation with downside bias remains for retracement of early rise from 1.1753, reckon 1.1773 sup would hold and yield rebound.

Only above 1.1909 risks one more rise but loss of upward momentum would cap price at 1.1940/44 and yield another decline.

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 Markit PMI, a weaker-than-expected number will weigh on the euro.

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

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

EUR/USD - 1.1878
Yesterday's retreat from 1.1896 suggests further sideways swings below Friday's 1-month peak at 1.1909 would continue with downside bias, below 1.1852 (reaction low Friday) confirms recent upmove from 1.1753 (July low) has made a temporary top and brings stronger retracement, reckon 1.1800/05 would remain intact.

Only above 1.1909 risks marginal gain, however, loss of upward momentum would cap price at 1.1940/44 and yield decline later.

Eco. calendar is pretty light with EU's PPI being the only data due out at 09:00GMT.

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

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

EUR/USD - 1.1866
Although euro's daily choppy sideways swings following early retreat from Friday's 1-month high of 1.1909 to 1.1852 would continue, downside bias remains and below 1.1852 would bring stronger retracement of early upmove from July's 1.1753 bottom to 1.1800/10 later this week.

Only above 1.1909 risks marginal gain, however, loss of upward momentum would cap price below 1.1944 and yield decline.

Today is PMI day in the euro area countries (pls refer to EI page for detials), pay attention to German n EU's Markit services PMI, a lower-than-expected reading would weigh on euro.

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AceTraderFx Aug 05: Daily Recommendations on Major -EUR/USD

DAILY MARKET OUTLOOK on Major
Update Time: 05 Aug 2021 03:00GMT

EUR/USD - 1.1836
As euro's intra-day 'wild' swings in New York session had ended with price falling sharply from 1.1899 to 1.1834 on hawkish comments by Fed's Vice Chair Clarida, suggesting early correction from July's 1.1753 bottom has possibly ended at 1.1909 (Friday), a daily close below 1.1800 would add credence to this view, 1.1771/73 later.

Only a move above 1.1899 risks one more rise, however, 'loss of upward momentum' should cap price below 1.1944 ahead of Fri's key U.S. jobs report.

Data to be released on Thursday:
Australia trade balance, imports, exports.
Germany industrial orders, France industrial output, U.K. Markit construction PMI, BoE interest rate decision, asset purchase program, BoE QE total, BoE QE corporate bond purchases, BoE MPC vote hike, BoE MPC vote unchanged, BoE MPC Vote Cut.
U.S. international trade balance, goods trade balance, initial jobless claims, continuing jobless claims, Canada trade balance, exports and imports.

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AceTraderFx Aug 06: Daily Recommendations on Major -EUR/USD

DAILY MARKET OUTLOOK on Major
Update Time: 06Aug 2021 03:00GMT

EUR/USD - 1.1826
Despite moving in relatively narrow range on Thursday, euro's weakness to 1.1829 (Europe), then intra-day break there suggests early correction from July's 1.1753 bottom has possibly ended last week at 1.1909 (Friday), a daily close below 1.1800 (upbeat U.S. jobs report perhaps) would add credence to this view and bring re-test of 1.1753.

Only above this week's 1.1899 high (Wednesday) shifts risks to upside for re-test of 1.1909, break would extend said corrective upmove to 1.1940/44.

On the data front, the euro area countries will release a slew of economic data in European morning, please refer to our EI page for details.

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AceTraderFx Aug 09: Daily Recommendations on Major -EUR/USD

DAILY MARKET OUTLOOK on Major
Update Time: 09 Aug 2021 03:00GMT

EUR/USD - 1.1753
Euro's selloff on Fri to 1.1754 after upbeat U.S. jobs report suggests re-test of 2021 bottom at 1.1705 (March) would be seen after consolidation, oversold condition would prevent steep fall and reckon 1.1655/65 should remain intact.

Only above 1.1800 signals temporary low is in place and may risk stronger retracement towards 1.1829.

On the data front, Germany will kick off with exports, imports, trade balance n current account, then EU's Sentix investor sentiment.

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AceTraderFx Aug 10: Daily Recommendations on Major -EUR/USD

DAILY MARKET OUTLOOK on Major
Update Time: 10 Aug 2021 03:00GMT

EUR/USD - 1.1737
Yesterday's resumption of recent decline to a fresh 4-month trough of 1.1736 (New York) suggests re-test of 2021 bottom at 1.1705 (March) is in the cards, however, break there needed to retain bearishness for further weakness towards next daily objective at 1.1603 later this week.

On above Monday's 1.1768 high signals temporary low is made and may risk stronger retracement to 1.1808/18.

Data to be released on Tuesday:
New Zealand retail sales, U.K. BRC retail sales, Japan current account, trade balance, Eco watchers current, Eco watchers outlook, Australia NAC business conditions, NAC business confidence.
Germany ZEW economic sentiment, ZEW current conditions, EU ZEW survey expectations.
Canada leading index, U.S. labor costs, productivity and redbook retail sales.

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AceTraderFx Aug 11: Daily Recommendations on Major -EUR/USD

DAILY MARKET OUTLOOK on Major
Update Time: 11 Aug 2021 03:00GMT

EUR/USD - 1.1718
Euro's resumption of recent downtrend to a fresh 4-month trough of 1.1710 (New York) suggests price would briefly penetrate 2021 bottom at 1.1705 (March), however, loss of downward momentum is expected to keep price above 1.1650/55 and risk has increased for a minor correction to occur later this week.

On the upside, only a daily close above 1.1742 signals temporary low is in place and yields stronger retracement to 1.1768 but 1.1808 should cap upside.

Data to be released on Wednesday:
Australia consumer sentiment, Japan machine tool orders, Germany CPI, HICP, Italy CPI, U.S. MBA mortgage application, CPI and Federal Budget.

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AceTraderFx Aug 12: Daily Recommendations on Major -EUR/USD

DAILY MARKET OUTLOOK on Major
Update Time: 12 Aug 2021 03:00GMT

EUR/USD - 1.1741
Despite resumption of recent downtrend to a fresh 4-month low of 1.1707 (Europe), subsequent rebound to 1.1753 due to broad-based long liquidation in usd after in-line U.S. CPI data suggests temporary bottom is made and consolidation is seen before re-test of 2021 trough at 1.1705, loss of momentum would limit weakness to 1.1675/85.

Only a daily close above 1.1768 res will risks stronger correction to 1.1819/29 later.

Data to be released on Thursday:
New Zealand food price index, inflation forecast, Japan corporate goods price, Australia consumer inflation
U.K. RICS housing price balance, U.K. GDP, industrial output, manufacturing output, construction output, trade balance, Italy trade balance, EU industrial production, U.S. jobless claims, continuing jobless claims and PPI.

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