AceTraderFx: Daily Market Outllook on Major -EUR/USD

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

DAILY MARKET OUTLOOK on Major
Update Time: 30 Aug 201905:30 GMT

EUR/USD - 1.1053
Euro's break of last week's 1.1052 low to a 4-week trough at 1.1043 in New York on Thursday due to renewed usd's strength on easing of Sino-U.S. trade tensions suggests re-test of August's fresh 2-year bottom at 1.1028 would be forthcoming after initial consolidation, a break there would extend recent downtrend towards next projected downside target at 1.0975.

On the upside, only a move back above 1.1092/98 res prolongs recent 'volatile' broad sideways swings and may risk stronger retracement to 1.1130/40 next week.

Data to be released on Friday:
New Zealand building permits, UK GfK consumer confidence, nationwide hose price, Japan Tokyo CPI, Tokyo core CPI, unemployment rate, industrial output, retail sales, housing starts, construction orders, Australia building permits.
Germany retail sales, France budget balance, CPI, producer prices, Swiss KOF indicator, Italy unemployment rate, CPI, GDP, EU HICP, unemployment rate.
U.S. personal income, personal spending, PCE price index, core PCE price index, Chicago PMI, University of Michigan sentiment, and Canada GDP, producer prices.

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

DAILY MARKET OUTLOOK on Major
Update Time: 03 Sept 2019 05:30GMT

EUR/USD - 1.0957
Despite resumption of downtrend marginally to a fresh 27-month trough of 1.0958 in European morning yesterday, near term loss of downward momentum is expected to prevent steep fall and reckon 1.0900/10 would remain intact and bring minor correction before prospect of further decline later.

On the upside, only a daily close above 1.1028 (prev. Aug's low, now res) signals temporary low is made and may risk stronger retracement towards 1.1060 before retreat.

On the data front, the EU will release July PPI and ECB's nominated President Largarde will speak at 07:00GMT, then ECB's Enria will speak at ECB's Legal Conference at 11:30GMT.

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

DAILY MARKET OUTLOOK on Major
Update Time: 04 Sept 2019 06:00GMT

EUR/USD - 1.0976
Although euro's rebound from Tuesday's fresh 27-month bottom at 1.0927 to 1.0978 in New York due to falling U.S. yields and downbeat U.S. factory data suggests recent downtrend has made a temporary low, as long as 1.1028 (previous sup, now res) holds, one more fall to 1.0900/10 is likely before prospect of correction due to loss of downward momentum.

On the upside, only above 1.1028 confirms long-awaited retarcement has taken place, then risk would shift to the upside for stronger gain to 1.1050/60 later this week.

On the data front, France will kick off with Markit services PMI, then the same from France, Germany n the EU, then EU's retail sales.
We also have a number of ECB officials speaking in European morning and later in New York session, please refer to our EI page for details.

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

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

EUR/USD - 1.1035
Euro's rally above 1.1028 to 1.1038 yesterday due to continued usd's weakness suggests recent downtrend has made a low at Tuesday's 27-month bottom at 1.0927 and as long as 1.0978 (Tuesday's high, now sup) holds, stronger retracement towards 1.1092 is now envisaged, however, overbought condition should cap price below 1.1112 ahead of release of Fri's key U.S. jobs data.

On the downside, only below 1.0998 signals 1st leg of correction is over and may risk retracement towards 1.0978 before prospect of another rise.

Data to be released on Thursday:
Swiss GDP, Germany industrial orders and U.S. ADP employment change, initial jobless claims, labour costs prelim, productivity prelim, Markit manufacturing PMI, durable ex-defense, durable goods, factory orders, durable ex-transport, ISM manufacturing PMI.

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

DAILY MARKET OUTLOOK on Major
Update Time: 06 Sept 2019 05:30GMT

EUR/USD - 1.1034
Although euro's impressive rally from Tuesday's 27-month bottom at 1.0927 to a near 1-week high of 1.1084 yesterday suggests long-awaited retracement of recent downtrend has taken place, subsequent retreat would bring sideways swings ahead of release of key U.S. jobs data later today.

As long as 1.1000/10 holds, upside bias remains for gain to 1.1115/20 but 1.1164 should cap this week's rise. A daily close below 1.1000 signals 1st leg of correction is over and risks weakness to 1.0965/70 but 1.0927 should hold.

On the data front, Germany will kick off with industrial output, then France's current account, imports n exports, Italy's retail sales, then EU's employment n Q2 GDP.

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

DAILY MARKET OUTLOOK on Major
Update Time: 09 Sept 2019 05:30GMT

EUR/USD - 1.1017
Although Friday's weakness to 1.1021 (Europe) then intra-day break below there suggests euro's upmove from last Tuesday's 27-month trough at 1.0927 has made a temporary top at 1.1084 (Thursday) and consolidation with downside bias, near term oversold condition would prevent steep fall and reckon 1.0998 (previous res, now sup) would contain weakness and bring rebound, above 1.1056 (post-NFP high) would yield re-test of 1.1084.

A daily close below 1.0998 would risk stronger retracement of said upmove towards 1.0978 before prospect of recovery later this week.

On the data front, Germany will kick off with exports, imports, trade balance and current account, then later EU will release Sentix investor sentiment. ECB's Hakkarainen will speak at a financial law seminar in Helsinki at 12:20GMT.

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

DAILY MARKET OUTLOOK on Major
Update Time: 10 Sept 2019 05:30GMT

EUR/USD - 1.1045
Although yesterday's strong bounce from 1.1016 (Asia) to 1.1067 in New York suggests euro's pullback from last week's high at 1.1084 (Thursday) has ended, subsequent retreat due to broad-based usd's strength suggests further sideways swings are in store before upmove from Sep's 27-month bottom resumes, loss of upward momentum would limit upside to 1.1115.

Only a daily close below 1.1116 signals 1st leg of correction is over and may risk stronger retracement of said rise towards 1.0978 later this week.

On the data front, France will kick off with non-farm payrolls, industrial output, then the same from Italy.

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

DAILY MARKET OUTLOOK on Major
Update Time: 11 Sept 2019 05:30GMT

EUR/USD - 1.1045
Although euro's sideways swings after early retreat from last week's high at 1.1084 t 1.1016 (Monday) are likely to continue, possibly until ECB's rate decision on Thursday, as long as 1.1016 holds, recent upmove from September's 27-month trough would head towards next chart objective at 1.1115.

Only a daily close below 1.1016 signals 1st leg of correction from 1.0927 has ended and may risk stronger retracement towards1.0978 before prospect of rebound later this week.

No economic data is due out from the euro area countries so traders are likely take cue from intra-day move in U.S. yields.

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

DAILY MARKET OUTLOOK on Major
Update Time: 12 Sept 2019 05:30GMT

EUR/USD - 1.1009
Yesterday's intra-day selloff from 1.1055 and then break of Monday's 1.1016 low to 1.0986 suggests at least the 1st leg of correction from September's 27-month bottom at 1.0927 has ended earlier at 1.1084 and range trading with downside bias is seen ahead of key ECB's rate decision.

Below 1.0986 would head back towards 1.0927 whilst a move above 1.1031 (ECB's less-dovish hold perhaps) signals pullback from 1.1084 is over, then price would yield another rise towards this res level.

Ahead of ECB meeting, Germany will release final CPI, HICP, then France's CPI and EU's industrial production.

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

DAILY MARKET OUTLOOK on Major
Update Time: 13 Sept 2019 05:30GMT

EUR/USD - 1.1062
Despite yesterday's intra-day selloff from 1.1069 to 1.0928 after ECB's rate cut and restart of QE program, failure to penetrate September's 27-month bottom at 1.0927 and subsequent rally above last week's 1.1084 high to 1.1086 strongly suggests recent downtrend has made a low, a weekly close above 1.1084 would encourage for further gain towards daily chart objective at 1.1164 next week.

Only a daily close below 1.1000 'prolongs' choppy sideways swings from 1.0927 and may risk weakness to 1.0950/60.

Ahead of release of key U.S. retail sales, Germany will kick off with wholesale price index, then EU's labour costs and trade balance. There is a Eurogroup meeting in Helsinki where ECB President Draghi and board member Coeure will participate.

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