AceTraderFx: Daily Market Outllook on Major -EUR/USD

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

DAILY MARKET OUTLOOK on Major
Update Time: 16 Sept 2019 05:30GMT

EUR/USD - 1.1075
Although euro's brief break above previous September's 1.1084 high to a 2-week top at 1.1109 Friday suggests recent downtrend has made a temporary low earlier at 1.0927, subsequent retreat in New York session signals range trading is in store before prospect of further gain, 'loss of momentum' should cap price well below 1.1164 res.

On the downside, only a daily close below 1.1056 may risk stronger retracement of aforesaid rise to 1.1006/16.

Data to be released later today:
UK rightmove house price, Italy CPI, CPI(EU norm) final.
And U.S. New York Fed manufacturing on Monday.

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

DAILY MARKET OUTLOOK on Major
Update Time: 17 Sept 2019 05:30GMT

EUR/USD - 1.1007
Yesterday's selloff from 1.1091 (New Zealand) to as low as 1.0994 in New York session due to broad-based usd's demand suggests euro's early corrective rise from September's 27-month bottom at 1.0927 has made a top at last Friday's 2-week high at 1.1109 and consolidation with downside bias is seen, however, oversold condition should keep price above 1.0930/40.

Only a daily close above 1.1056/62 (previous sup area, now res) signals pullback from 1.1109 has ended, then risk would shift to upside for stronger gain towards 1.1091.

Data to be released on Tuesday:
New Zealand Westpac consumer survey, GDT price index, China house prices, Australia home price index.
Germany ZEW economic sentiment, ZEW current condition, EU ZEW economic sentiment.
Canada manufacturing sales, and U.S. redbook, industrial production, capacity utilization, manufacturing output, NAHB housing market index.

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

DAILY MARKET OUTLOOK on Major
Update Time: 18 Sept 2019 06:30GMT

EUR/USD - 1.1071
Despite euro's decline from 1.1109 (Friday) to 1.0991 yesterday, subsequent rebound to 1.1074 in New York session due to broad-based liquidation of long usd positions ahead of FOMC's decision later today suggests price would 'gyrate' inside 1.0928-1.1109.

Only above 1.1109 would extend erratic rise from September's 27-month bottom at 1.0927 towards next daily chart objective at 1.1164 whilst below 1.0991 would pressure price back down to good sup at 1.0927/28.

On the data front, Italy will kick off with industrial order n sales then trade n good balance, the EU will release construction output, finaly HICP n core HICP. We have a number of ECB officials delivering speeches during the day, please refer to our EI section for details.

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

DAILY MARKET OUTLOOK on Major
Update Time: 19 Sept 2019 05:30GMT

EUR/USD - 1.1029
Despite euro's decline from 1.1109 (Friday) to 1.0991 on Tuesday, subsequent rebound to 1.1075 ahead of Asian open yesterday and subsequent weakness to 1.1015 in post-FOMC New York following Fed's less-dovish cut suggests price would continue to 'gyrate' inside recent broad range of 1.0928-1.1109 with downside bias for weakness towards 1.0962.

Only above 1.1075 may risk gain towards 1.1109 but a break needed to extend erratic rise from September's 27-month bottom at 1.0927 towards next daily chart objective at 1.1164 next week.

On the data front, the only eco. data due out from the euro area countries is EU's current account. We have a number of ECB officials scheduled to speak in Europe and New York session, please refer to our EI section for details.

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

DAILY MARKET OUTLOOK on Major
Update Time: 20 Sept 2019 05:30GMT

EUR/USD - 1.1045
Euro's daily wild swings this week following early decline from last week's high at 1.1109 (Friday) to 1.0991 (Tuesday) suggests price would continue to 'gyrate' inside recent broad range of 1.0928-1.1109 with mild downside bias for weakness towards 1.0991 but 1.0962 would hold.

Only above 1.1075 may risk gain towards 1.1109 but a break needed to extend erratic rise from September's 27-month bottom at 1.0927 towards next daily chart objective at 1.1164 next week.

On the data front, Germany will release Aug PPI at 06:00GMT n later at 14:00, the EU will release Sep consumer confidence.

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

DAILY MARKET OUTLOOK on Major
Update Time: 23 Sept 2019 05:30GMT

EUR/USD - 1.1018
Euro's selloff from 1.1068 to 1.0997 on Friday suggests further choppy trading inside recent 1.0928-1.1109 broad range would be seen with downside bias, below 1.0986/91 would head towards 1.0962, break needed to yield re-test of September's 27-month trough at 1.0927.

On the upside, only above 1.1068/75 would extend gain to 1.1091, then 1.1109 again.

On the data front, today is PMI day in the euro area countries, France will kick off with Markit manufacturing and services PMIs, then the same from Germany and the EU plus monthly Buba monthly report. Pay attention to speeches by a number of ECB members including President Draghi (please see our EI section for details).

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

DAILY MARKET OUTLOOK on Major
Update Time: 24 Sept 2019 05:30GMT

EUR/USD - 1.0994
Although yesterday's selloff in European morning from 1.1025 to 1.0967 due to downbeat German and EU's PMIs suggests euro's correction from September's fresh 27-month bottom at 1.0927 has ended earlier at 1.1109, below said 2019 bottom needed to extend downtrend towards projected downside target at 1.0865 later this week.

On the upside, above 1.1025 would 'prolong' recent choppy sideways swings and may head back to 1.1055/65 before prospect of another fall.

Data to be released on Tuesday:
Japan leading economic index, coincident index, France business climate, Germany Ifo business climate, Ifo current conditions, Ifo expectations, UK PSNB, PSNCR, CBI trend order and U.S. redbook, monthly home price, consumer confidence, Richmond Fed services, Richmond Fed manufacturing.

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

DAILY MARKET OUTLOOK on Major
Update Time: 25 Sept 2019 06:30GMT

EUR/USD - 1.1011
Despite euro's early erratic fall from 1.1109 to 1.0967 on Monday, yesterday's rebound to 1.1024 due to broad-based usd's weakness in New York session suggests further volatile trading above September's fresh 27-month bottom at 1.0927 would continue, above 1.1024/25 would yield stronger retracement towards 1.1075.

On the downside, only a daily close below 1.0967 would signal said correction is over and bring subsequent weakness to 1.0927/32.

On the data front, economic calendar in the euro area is very thin with France's consumer confidence being the only data due out at 06:45GMT. We have ECB's Coeure and Lautenschlager speaking today.

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

DAILY MARKET OUTLOOK on Major
Update Time: 26 Sept 2019 03:30GMT

EUR/USD - 1.0953
Euro's weakness to 1.0938 on Wednesday due to renewed usd's strength vs its G7 peers suggests correction from September's fresh 27-month bottom at 1.0927 has ended earlier at 1.0109 and re-test of said 2019 low is envisaged, break there would extend recent downtrend towards next projected target at 1.0865 next week.

On the upside, only above 1.1000 'prolongs' recent daily wild swings, risks another rise to 1.1024/25, break there needed to turn outlook bullish for stronger gain to 1.1055/65.

Data to be released on Thursday:
Germany GfK consumer sentiment, Italy trade balance, U.S. GDP, GDP deflator, core PCE, PCE prices, good trade balance, wholesale inventories, initial jobless claims, pending home sales, KC Fed manufacturing and Canada average weekly earning.

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AceTraderFxSept 27: Daily Recommendations on Major -EUR/USD

DAILY MARKET OUTLOOK on Major
Update Time: 27 Sept 2019 03:30GMT

EUR/USD - 1.0921
Euro's break of previous September's 1.0927 low to a fresh 27-month trough of 1.0910 on Thur confirms recent downtrend has finally resumed after 3 weeks of choppy swings and is en route towards projected target at 1.0865 after consolidation, loss of momentum should keep price above 2017 bottom at 1.1840.

On the upside, only a daily close above yesterday's 1.0967 high (New York) defers present bearish view and may risk stronger correction to 1.1105, however, reckon res at 1.1024/25 should cap recover and yield another leg of decline next week.

On the ecomomic calendar, there is a slew of data due out from the euro area countries, please refer to our EI section for details, any weaker-than-expected data will give euro bears excuse for bashing the single currency. We also have a number of ECB officials scheduled to speak during European morning.

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