AceTraderFx: Daily Market Outllook on Major -EUR/USD

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

DAILY MARKET OUTLOOK
Update Time: 12 May 2016 04:08 GMT

EUR/USD - 1.1427
Despite the single currency's retreat to 1.1359 on Tuesday, subsequent strong rebound to 1.1447 yesterday suggests the decline from last Tuesday's 8-month peak at 1.1617 has possibly made a temporary low there and consolidation with upside bias would be seen for gain towards 1.1481.
However, near term loss of momentum would prevent strong gain above there and reckon resistance at 1.1530 would hold and yield retreat.

On the downside, only below 1.1375 would revive bearishness for stronger retracement of recent uptrend towards 1.1341, then 1.1300/10.

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AceTraderFx May 13: Daily Recommendations on Major -EUR/USD

DAILY MARKET OUTLOOK
Update Time: 13 May 2016 04:18 GMT

EUR/USD - 1.1373
Despite the single currency's strong rebound from Tuesday's low at 1.1359 to 1.1447 on Wednesday, yesterday's retreat suggests aforesaid recovery is over and decline from last Tuesday's 8-month peak at 1.1617 would resume after consolidation and extend towards 1.1341, then 1.1310 ahead of today's U.S. retail sales data.
However, support at 1.1272 should hold and yield recovery later.

On the upside, only above 1.1415 would indicate pullback from 1.1447 has ended instead and turn outlook bullish for gain to said resistance.

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

DAILY MARKET OUTLOOK on Major EUR/USD
Update Time: 16 May 2016 02:08 GMT

EUR/USD - 1.1306
The single currency's selloff from last Wednesday's high at 1.1447 to 1.1283 on Friday after the release of upbeat U.S. economic data signals decline from May's 8-month peak at 1.1617 remains in progress and consolidation with downside bias would be seen for weakness towards 1.1272, then to 1.1234.
however, near term loss of momentum would keep price above April's bottom at 1.1216 and yield rebound.

On the upside, only above 1.1359 (previous support, now resistance) would indicate a temporary low has been made and risk stronger retracement towards 1.1415.

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

DAILY MARKET OUTLOOK on Major EUR/USD
Update Time: 17 May 2016 03:08 GMT

EUR/USD - 1.1319
The single currency's selloff from last Wednesday's high at 1.1447 to 1.1283 on Friday after the release of upbeat U.S. economic data signals decline from May's 8-month peak at 1.1617 remains in progress and consolidation with downside bias would be seen for weakness towards 1.1272, then to 1.1234.
However, near term loss of momentum would keep price above April's bottom at 1.1216 and yield rebound.
On the upside, only above 1.1359 (previous support, now resistance) would indicate a temporary low has been made and risk stronger retracement towards 1.1415.

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

DAILY MARKET OUTLOOK on Major EUR/USD
Update Time: 18 May 2016 03:08 GMT

EUR/USD - 1.1295
Despite yesterday's brief but strong rebound from 1.1302 to 1.1349 in New York morning, subsequent retreat and then intra-day break of said support suggests euro's correction from last Friday's fresh 2-week trough at 1.1283 has ended and recent decline would resume to 1.1250/60 after consolidation.
However, loss of downward momentum should keep price well above daily sup at 1.1216 today and bring correction.

On the upside, only failure to penetrate said 1.1283 sup and subsequent rise back above 1.1325 would 'prolong' choppy trading and may risk another upmove to 1.1344/49.

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

DAILY MARKET OUTLOOK on Major EUR/USD
Update Time: 19 May 2016 01:50 GMT

EUR/USD - 1.1225
Yesterday's break of last week's 1.1283 low to 1.1256 in European morning and then subsequent selloff after hawkish FOMC minutes to a 6-*week trough of 1.1206 (Reuters) in Australia today confirms decline from May's 8-month peak at 1.1617 has once again resumed and expect 1.1256 to hold, yield further weakness towards next chart objective at 1.1144 which should hold on 1st testing today.

On the upside, only a daily close above 1.1283 signals a temporary low is in place, then risk is seen for a stronger retracement towards 1.1349 before of another fall next week.

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

DAILY MARKET OUTLOOK on Major EUR/USD
Update Time: 20 May 2016 01:50 GMT

EUR/USD - 1.1302
Despite staging a recovery in New York session on Thursday after intra-day resumption of recent decline from May's 8-month peak of 1.1617 to a 7-week trough of 1.1180 on minor short covering, outlook remains bearish for aforesaid fall to resume after consolidation.
However, near term loss of downward momentum should keep price above daily sup at 1.1144 today.

On the upside, only a daily close above 1.1256 (previous sup, now res) confirms temporary low is in place and risks stronger retracement towards 1.1288/93 before prospect of another fall next week.

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AceTraderFx May 24: Daily Recommendations on Major -EUR/USD

DAILY MARKET OUTLOOK on Major EUR/USD
Update Time: 24 May 2016 04:15 GMT

EUR/USD - 1.1208
Despite yesterday's anticipated retreat from 1.1243 (Europe) to 1.1188 in New York morning, subsequent rebound suggests further volatile trading above last Thursday's 7-week trough at 1.1180 would continue, and as long as 1.1256 (previous sup, now res) holds, outlook remains mildly bearish for recent fall from May's 1.1617 to resume, loss of momentum is likely to keep price above minor daily support at 1.1144.
A daily close above 1.1256 confirms temporary low is in place and risk stronger retracement to 1.1293 before prospect of another fall later this week.

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AceTraderFx May 26 : Daily Recommendations on Major EUR/USD

DAILY MARKET OUTLOOK on Major EUR/USD
Update Time: 26 May 2016 03:45 GMT

EUR/USD - 1.1181
Despite yesterday's marginal weakness below Tuesday's 1.1133 low to a fresh 2-month trough of 1.1119, subsequent bounce to 1.1167 in New York and then intra-day break of 1.1180 (last week's low, now res) due to usd's broad-based weakness caused by selloff in dlr/yen suggests recent decline has made a temporary low there and 1-2 days of choppy consolidation with upside bias is seen for a much-needed retracement to 1.1227/31 later, however, reckon res at 1.1243 would remain intact.

On the downside, only below 1.1146 would suggest correction is over and risk decline to 1.1100/10, however, loss of downward momentum should keep euro above 1.1070 this week.
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AceTraderFx May 27 : Daily Recommendations on Major EUR/USD

DAILY MARKET OUTLOOK on Major EUR/USD
Update Time: 27 May 2016 05:03 GMT

EUR/USD - 1.1188
Yesterday's break of 1.1180 level to 1.1217 in New York morning confirms euro's recent decline from May's 8-month peak at 1.1617 has indeed formed a temporary low earlier at 1.1129 on Wed and several days of volatile consolidation with near term upside bias is seen, a daily close above res at 1.1243 needed to bring stronger retracement towards 1.1293 next week.

On the downside, below 1.1146/50 would suggests said correction is over and risk one more fall to 1.1200/10, however, 'loss of momentum' would keep price above 1.1070.

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