AceTraderFx: Daily Market Outllook on Major -EUR/USD

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

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DAILY MARKET OUTLOOK on Major
Update Time: 18 Feb 2019 05:30 GMT

EUR/USD - 1.1303
Despite the single currency's fall to a fresh 2-1/2 month trough at 1.1234 on Friday, subsequent rally to 1.1308 the same day suggests recent erratic decline has made a temporary low there and choppy trading with upside bias would be seen for gain towards 1.1344, however, over bought condition would keep price well below 1.1380 and yield retreat later this week.

On the downside, only below 1.1234 would revive bearishness for weakness towards 2018 trough at 1.1216 (November), break would extend Medium Term decline towards 1.1180 before prospect of a correction.

Since there is no major eco. data due today, traders should keep an eye on Brexit related headlines and eur/gbp cross.

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

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DAILY MARKET OUTLOOK on Major

Update Time: 19 Feb 2019 05:30 GMT

EUR/USD - 1.1307
Despite the single currency's fall to a fresh 2-1/2 month trough at 1.1234 on Friday, subsequent rally to 1.1334 yesterday suggests recent erratic decline has made a temporary low there and choppy trading with upside bias would be seen for gain towards 1.1344, however, over bought condition would keep price well below 1.1380 and yield retreat later this week.

On the downside, only below 1.1234 would revive bearishness for weakness towards 2018 trough at 1.1216 (November), break would extend Medium Term decline towards 1.1180 before prospect of a correction.

Data to be released on Tuesday :
Swiss trade balance, exports, imports, Italy industrial orders, industrial sales, EU current account, construction output, ZEW economic sentiment, UK claimant count, ILO unemployment rate, employment change, average weekly earnings, Germany ZEW economic sentiment, ZEW current conditions.
U.S. NAHB housing market index.

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

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DAILY MARKET OUTLOOK on Major

Update Time: 20 Feb 2019 06:30 GMT

EUR/USD - 1.1341
The single currency's rally to as high as 1.1357 in New York afternoon yesterday on dollar's broad-based weakness suggests upmove from Friday's low at 1.1234 has once again resumed and consolidation with upside bias remains for gain towards 1.1374, however, loss of momentum would keep price below 1.1408 this week and yield retreat.

On the downside, only below 1.1275 would indicate aforesaid correction has ended instead and risk stronger weakness towards 1.1249/51 later.

Data due out on Wednesday :
New Zealand PPi inputs PPI outputs, Japan exports, imports, trade balance, Australia Westpac leading index, wage price index, Germany producer prices, Swiss industrial production, EU consumer confidence, and U.S. CBI trends survey, MBA mortgage application, redbook, FOMC minutes.


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

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DAILY MARKET OUTLOOK on Major

Update Time: 21 Feb 2019 05:30 GMT

EUR/USD - 1.1345
Although price has retreated after yesterday's rise above Tuesday's high at 1.1357 to 1.1372 and minor consolidation would be seen before upmove from last Friday's low at 1.1234 resumes, reckon loss of momentum would keep price below 1.1402 (50% r from 1.1570) and yield a much-needed correction early next week.

On the downside, below 1.1325 is needed to indicate a temporary top has been made and risk stronger retracement of rise from 1.1234 to 1.1270/80.

There is a slew of data to be released today from the euro region but investors should pay special attention to release of manufacturing and services PMIs from Germany at 08:30GMT.
ECB is also scheduled to release the accounts of its latest monetary policy at 12:30GMT.

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

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DAILY MARKET OUTLOOK on Major

Update Time: 22 Feb 2019 05:30 GMT

EUR/USD - 1.3338
Although yesterday's wild swings suggest further volatile trading below Wednesday's near 2-week high at 1.1372 would continue, a firm break of 1.1321 sup is needed to signal upmove from last Friday's 3-month bottom at 1.1234 has made a top and bring stronger retracement towards 1.1275.

Only above 1.1372 yields marginal gain but loss of upward momentum should cap price below 1.1400 and yield decline.

Data due out in European morning, pay attention to release of key German Ifo data, expect selling to emerge if actual readings come in below street forecasts. We have a no. of ECB officials speaking at various venues but pay attention to ECB Presient Drgahi's speech in Italy at an event at 15:15GMT.

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

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DAILY MARKET OUTLOOK on Major

Update Time: 25 Feb 2019 05:30 GMT

EUR/USD - 1.1346
Although price has retreated after last Wednesday's rise to 1.1372 and minor consolidation would be seen before upmove from last February's low at 1.1234 resumes, reckon loss of momentum would keep price below 1.1402 (50% r from 1.1570) and yield a much-needed correction early next week.

On the downside, below 1.1325 is needed to indicate a temporary top has been made and risk stronger retracement of rise from 1.1234 to 1.1270/80.

Data out today (Monday):
New Zealand retail sales, Japan coincident index, leading economic index, and U.S. Chicago national activity index, wholesale sales, Dallas Fed manufacturing business index.

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

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DAILY MARKET OUTLOOK on Major

Update Time: 26 Feb 2019 05:30 GMT

EUR/USD - 1.1361
Despite euro's retreat from last Wednesday's high at 1.1372 to 1.1316 Friday, subsequent rebound to 1.1371 in Australia today suggests upmove from February's low at 1.1234 would resume after consolidation and above 1.1372 would extend marginally, however, loss of momentum would keep price below 1.1402 and yield a much-needed correction towards 1.1316, then 1.1275 later this week.

On the upside, above 1.1402 would encourage further gain to 1.1425 but resistance at 1.1442 (61.8% r from 1.1570) would remain intact and yield retreat.

Data to be released on Tuesday :
Germany GfK consumer sentiment, France consumer confidence, UK BBA mortgage approvals.
U.S. building permits, housing starts, redbook, monthly home price, CS home price, consumer confidence, and Richmond Fed manufacturing index.

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

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DAILY MARKET OUTLOOK on Major

Update Time: 27 Feb 2019 06:30 GMT

EUR/USD - 1.1389
The single currency's rally to as high as 1.1402 yesterday on usd's broad-based weakness in New York post dovish comments from Fed's Chairman Powell suggests erratic rise from February's trough at 1.1234 has resumed and further gain towards 1.1434/40 would be seen, however, overbought condition would keep price below 1.1497 and yield a much-needed correction later this week.

On the downside, only below 1.1345 would indicate a temporary top has been made and risk stronger retracement to 1.1316 before prospect of rebound.

There is a slew of eco. data to be released from the euro area today. Pay particular attention to the release of EU business climate, economic sentiment and industrial sentiment at 10:00GMT.

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

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DAILY MARKET OUTLOOK on Major

Update Time: 28 Feb 2019 05:30 GMT

EUR/USD - 1.1375
Despite euro' rally to as high as 1.1402 on Wednesday, then marginally higher to 1.1404 yesterday, subsequent retreat suggests erratic upmove from February's low at 1.1234 has made a temporary top there and consolidation with downside bias remains for stronger retracement towards 1.1345, then 1.1316, however, loss of momentum would keep price above 1.1275 and yield rebound later.

On the upside, only above 1.1404 would revive bullishness for for gain towards 1.1434/40 before prospect of a correction early next week.

There is a slew of data from the euro area to be released today but attention should be given to Germany's prelim CPI mm and yy at 13:00GMT. Street forecasts are 0.5% and 1.5% vs prev. readings of -0.8% n 1.4% respectively.

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

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DAILY MARKET OUTLOOK on Major

Update Time: 01 Mar 2019 05:30 GMT

EUR/USD - 1.1373
Despite euro' rally to as high as 1.1420 yesterday, subsequent retreat on dollar's broad-based strength suggests erratic upmove from February's low at 1.1234 has made a temporary top there and consolidation with downside bias remains for stronger retracement towards 1.1345, then 1.1316, however, loss of momentum would keep price above 1.1275 and yield rebound later.

On the upside, only above 1.1404 would revive bullishness for a re-test of 1.1420, break would extend towards 1.1473 before prospect of correction.

There is a slew of manufacturing PMIs due from the euro area today. Pay attention to Germany's employment data at 08:55GMT. Unemployment change is expected to drop by 5k from prev. reading of a 3k drop whilst unemployment is forecasted to remain unchanged at 5.0%.

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