AceTraderFx: Daily Market Outllook on Major -EUR/USD

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

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

EUR/USD - 1.1585
Although euro's intra-day rise on Monday from 1.1551 (Europe) and then break of Friday's 1.1573 high to 1.1594 (New York) confirms recent downtrend has made a temporary low at Friday's 15-month bottom at 1.1514 and mild upside bias remains for stronger retracement, overbought condition would prevent strong gain above res area at 1.1616/25 and yield decline later today or Wednesday.

On the downside, below 1.1551 anytime signals recovery is over and yield re-test of 1.1514.

Data to be released on Tuesday:
New Zealand retail sales, Japan current account, trade balance.
U.K. BRC retail sales, Australia NAB business conditions, NAB business confidence, Japan Eco watchers outlook, Eco watchers current, Germany exports, imports, trade balance, current account, France current account, trade balance, imports, exports, Germany ZEW economic sentiment, ZEW current conditions, EU ZEW survey expectations.
U.S. PPI and redbook.

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

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

EUR/USD - 1.1592
Although euro's gain to 1.1608 (New York) yesterday suggests corrective rise from Friday's 15-month bottom at 1.1514 may extend marginal gain after consolidation, loss of upward momentum is likely to limit upside to 1.1625/35 and yield strong retracement of said upmove.

On the downside, a daily close below Tue's 1.1571 low signals correction has possibly ended and heads back to 1.1525/35 later.

Data to be released on Tuesday:
Australia consumer sentiment, China PPI, CPI.
Germany CPI, HICP, Italy industrial output.
Canada leading index, U.S. MBA mortgage application, CPI, initial jobless claims, continuing jobless claims, wholesale inventories, wholesale sales and Federal budget.

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

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

EUR/USD - 1.1445
Euro's break of previous 1.1514 support to 1.1477 Wednesday, then yesterday's fall to a fresh 15-month bottom of 1.1444 in holiday-thin New York suggests Mid Term decline from 20210 peak at 1.2349 (January) would extend to 1.1405/10 after consolidation but reckon 1.1383 should hold due to loss of momentum.

On the upside, only a daily close above 1.1514 signals a temporary bottom is made and retracement to 1.1571/74 is seen.

On the data front, we have a slew of eco. indicators from the euro area countries, please refer to our EI page for details. We also have ECB's Chief Economist Lane participating at a workshop conference at 13:50GMT.

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AceTraderFx Nov 15: Daily Recommendations on Major -EUR/USD

DAILY MARKET OUTLOOK on Major
Update Time: 15 Nov 2021 03:00GMT

EUR/USD - 1.1454
Euro's marginal weakness to a fresh 15-month bottom at 1.1434 Friday suggests Medium-term decline from 2021 peak at 1.2349 (January) would resume after consolidation, however, loss of downward momentum should prevent steep fall today and reckon 1.1400/10 should hold from here.

On the upside, only a daily close above 1.1500 signals a temporary low is made and risks stronger retracement to 1.1520/30 before prospect of another fall.

Data to be released today:
Japan GDP, industrial output, capacity utilization.
U.K. Rightmove house price, China house prices, industrial output, retail sales, EU trade balance.
U.S. New York Fed manufacturing, Canada manufacturing sales and wholesale trade on Monday.

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AceTraderFx Nov 16: Daily Recommendations on Major -EUR/USD

DAILY MARKET OUTLOOK on Major
Update Time: 16 Nov 2021 03:00GMT

EUR/USD - 1.1376
Euro's selloff in New York session below Fri's 1.1434 low (now res) due to broad-based euro's weakness and rally in usd in tandem with U.S. yields to a 16-month trough of 1.1357 suggests recent downtrend would pressure price lower after consolidation, oversold condition is likely to keep price above 1.1291 and yield a much-needed correction later.

On the upside, only a daily close above 1.1434 signals temporary low is made and yields stronger retracement to 1.1461/63 before prospect of another fall later this week.

Data to be released on Tuesday:
Japan tertiary industry activities, New Zealand GDT price index.
U.K. Claimant count, ILO unemployment rate, employment change, average weekly earnings, France CPI, Italy CPI, EU employment, GDP.
Canada housing starts, U.S. import prices, export prices, retail sales, redbook, industrial production, capacity utilization, manufacturing output, business inventories, NAHB housing market index.

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AceTraderFx Nov 17: Daily Recommendations on Major -EUR/USD

DAILY MARKET OUTLOOK on Major
Update Time: 17 Nov 2021 03:00GMT

EUR/USD - 1.1318
Euro's selloff and break of Monday's 1.1357 low to a fresh 16-month bottom at 1.1309 in New York yesterday due to usd's rally in tandem with U.S. yields after robust US retail sales suggests recent downtrend would pressure price lower after consolidation , however, oversold condition should keep price above 1.1256 today and yield a much-needed minor correction later.

On the upside, only a daily close above 1.1385 (Tue high) signals temporary low is made and may risk stronger retracement to 1.1434 before prospect of another fall later this week.

Data to be released on Wednesday:
New Zealand PPI, Japan machinery orders, exports, imports, trade balance, Australia Westpac leading index, wage price index.
U.K. CPI, RPI, PPI input prices, PPI output prices, trade balance, DCLF house price index, Italy trade balance, EU construction output, HICP.
U.S. MBA mortgage application, building permits, housing starts and Canada CPI.

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AceTraderFx Nov 18: Daily Recommendations on Major -EUR/USD

DAILY MARKET OUTLOOK on Major
Update Time: 18 Nov 2021 03:00GMT

EUR/USD - 1.1321
Euro's rebound from a fresh 16-month bottom at 1.1265 Wednesday suggests medium-term downtrend from 2021 peak at 1.2349 (January) has made a temporary low and initial consolidation is seen before another fall, while loss of downward momentum would keep price above 1.1215/20 and bring correction.

On the upside, only a daily close above 1.1332 risks stronger retracement to 1.1357, break, 1.1385 later.

Data to be released on Thursday:
New Zealand inflation forecast.
Swiss trade balance, exports, imports, industrial production.
U.S. initial jobless claims, continuing jobless claims, Philly Fed manufacturing index, leading index change and KC Fed manufacturing index.

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

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

EUR/USD - 1.1364
Euro's rebound to 1.1374 Thursday on usd's broad-based retreat suggests recent downtrend has made a temporary low at Wednesday's fresh 16-month trough at 1.1265, as long as res at 1.1385 holds, consolidation with downside bias remains, below 1.1315 signals recovery over and yields re-test of 1.1265 next week.

On the upside, only a daily close above 1.1385 risks stronger retracement to 1.1434/38 on Monday.

Data to be released on Friday:
Japan Tokyo CPI.
U.K. Gfk consumer confidence, PSNB, PSNCR, retail sales, France ILO employment rate, Germany producer prices, Italy industrial sales, EU current account.
Canada new housing price index and retail sales.

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

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

EUR/USD - 1.1282
Despite resumption of recent downtrend to a fresh 16-month trough of 1.1250 Fri due to Covid concerns in Europe, subsequent short-coveriing rally to 1.1322 in New York would bring choppy range trading, reckon 1.1350/60 would cap recovery and yield decline.

On the downside, below 1.1265 signals recovery over, however, loss of downward momentum would limit weakness to 1.1220/30 today.

Data to be released today:
EU consumer confidence.
U.S. national activity index, existing hole sales on Monday.

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

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

EUR/USD - 1.1243
Euro's break of last Friday's 1.1250 low to a fresh 16-month bottom at 1.1231 in New York Monday due to rally in U.S. yields and usd on news of Fed Powell's renomination suggests medium-term downtrend from 2021 peak at 1.2349 (January) remains in force, however, oversold condition should keep price above 1.1169/74.

On the upside, only a daily close above 1.1291 signals temporary trough is made and may risk stronger retracement towards 1.1322.

Data to be released on Tuesday:
New Zealand retail sales, Australia manufacturing PMI, services PMI, Japan Market Holiday,.
France Markit manufacturing PMI, Markit services PMI, EU Markit manufacturing PMI, Markit services PMI, Germany Markit manufacturing PMI, Markit services PMI, U.K. Markit manufacturing PMI, Markit services PMI.
U.S. redbook, Markit manufacturing PMI, Markit services PMI and Richmond Fed manufacturing.

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