AceTraderFx: Daily Market Outllook on Major -EUR/USD

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AceTraderFx Nov 07: Daily Recommendations on Major -EUR/USD

DAILY MARKET OUTLOOK on Major
Update Time: 07 Nov 2019 03:30GMT

EUR/USD - 1.1068
The single currency's selloff from Tuesday's high at 1.1140 and subsequent break of previous support at 1.1074 to 1.1064 the same day suggests decline from October's 2-month peak at 1.1179 has once again resumed and consolidation with downside bias remains for weakness to 1.1020/23, however, oversold condition would keep price above 1.0990/00 and yield correction later.

On the upside, only above 1.1175/79 would revive bullishness for stronger gain to 1.1

Pay attention to the release of German industrial production mm and yy at 07:00GMT. Street forecasts are -0.4% and 2.9% vs previous readings of 0.3% and -3.7% respectively.

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AceTraderFx Nov 08: Daily Recommendations on Major -EUR/USD

DAILY MARKET OUTLOOK on Major
Update Time: 08 Nov 2019 03:30GMT

EUR/USD - 1.1049
The single currency's selloff to a 3-week trough at 1.1037 yesterday on dollar's broad-based strength suggests decline from October's 2-month peak at 1.1179 has once again resumed and consolidation with downside bias remains for weakness to 1.1020/23, however, oversold condition would keep price above 1.0990/00 and yield correction later.

On the upside, only above 1.1175/79 would revive bullishness for stronger gain to 1.1223 before prospect of a correction later this week.

There is a slew of German trade data to be released at 07:00GMT and French data at 07:45GMT. Pay particular attention to German imports and exports. Street forecasts are 0.0% and 0.4% vs prev. readings of 0.5% and -1.8% respectively.

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

DAILY MARKET OUTLOOK on Major
Update Time: 11 Nov 2019 03:30GMT

EUR/USD - 1.1022
The single currency's fall to a 3-week trough at 1.1037 last Thursday, then to 1.1017 last Friday suggests decline from October's 2-month peak at 1.1179 has once again resumed and stronger retracement of upmove from 1.0880 to 1.0980/90 would be seen. However, loss of momentum would keep price above support at 1.0942 and yield a correction later this week.

On the upside, only above 1.1074 would indicate a temporary low has been made and risk stronger gain to 1.1091 before prospect of retreat.

As there is no major economic data being released from the eurozone today, pay attention to Chair of ECB supervisory board Andrea Enria's speech at the 20th Handelsblatt annual conference at 09:30GMT.

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

DAILY MARKET OUTLOOK on Major
Update Time: 12 Nov 2019 03:30GMT

EUR/USD - 1.1034
The single currency's fall to a 3-week trough at 1.1017 last Friday suggests decline from October's 2-month peak at 1.1179 has once again resumed and yesterday's rebound would yield consolidation before stronger retracement of upmove from 1.0880 to 1.0980/90 would be seen. However, loss of momentum would keep price above support at 1.0942 and yield a correction later this week.

On the upside, only above 1.1074 would indicate a temporary low has been made and risk stronger gain to 1.1091 before prospect of retreat.

Pay attention to the release of German ZEW economic sentiment and current conditions at 10:00GMT. Street forecasts are -13.0 and -22.0 vs previous readings of -22.8 and -25.3 respectively.

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

DAILY MARKET OUTLOOK on Major
Update Time: 13 Nov 2019 03:30GMT

EUR/USD - 1.1015
The single currency's fall to a 4-week trough at 1.1003 yesterday on cross-selling in euro suggests decline from October's 2-month peak at 1.1179 has once again resumed and stronger retracement of upmove from 1.0880 to 1.0980/90 would be seen. However, loss of momentum would keep price above support at 1.0942 and yield a correction later this week.

On the upside, only above 1.1074 would indicate a temporary low has been made and risk stronger gain to 1.1091 before prospect of retreat.

Pay attention to the release of EU industrial production at 10:00GMT.
Street forecasts for mm and yy are -0.3% and -2.3% vs previous readings of 0.4% and -2.8% respectively.

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AceTraderFx Nov 14: Daily Recommendations on Major -EUR/USD

DAILY MARKET OUTLOOK on Major
Update Time: 14 Nov 2019 03:30GMT

EUR/USD - 1.1007
The single currency's fall to a 4-week trough at 1.0996 yesterday on risk aversion suggests decline from October's 2-month peak at 1.1179 has once again resumed and stronger retracement of upmove from 1.0880 to 1.0965/68 would be seen.
However, loss of momentum would keep price above support at 1.0942 and yield a correction later this week.

On the upside, only above 1.1074 would indicate a temporary low has been made and risk stronger gain to 1.1091 before prospect of retreat.

Pay attention to the release of EU GDP qq and yy for Q3 at 10:00GMT. Street forecasts are for unchanged readings at 0.2% and 1.1% respectively.

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

DAILY MARKET OUTLOOK on Major
Update Time: 15 Nov 2019 03:30GMT

EUR/USD - 1.1026
Despite the single currency's fall to a 1-month trough at 1.0990 yesterday, subsequent strong rebound to 1.0027 in New York on dollar's broad-based weakness suggests recent decline from October's 2-month peak at 1.1179 has made a temporary low there and consolidation with upside bias remains for stronger retracement to 1.1043, then 1.1074 before prospect of retreat early next week.

On the downside, only below 1.0990 would revive bearishness for weakness to 1.0968 but loss of momentum would keep price above support at 1.0942, yield rebound.

There is a slew of data to be released from the eurozone at 10:00GMT, including Italy inflation, EU trade balance and HICP. One should also pay attention to ECB board member Yves Mersch's speech at 08:00GMT at an event organised by the European Society for Banking and Financial Law in Paris.

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

DAILY MARKET OUTLOOK on Major
Update Time: 18 Nov 2019 03:30GMT

EUR/USD - 1.1052
Despite the single currency's fall to a 1-month trough at 1.0990 last Thursday, subsequent strong rebound to 1.1057 on Friday on improved risk appetite suggests recent decline from October's 2-month peak at 1.1179 has made a temporary low there and consolidation with upside bias remains for stronger retracement to 1.1074 before prospect of retreat later this week.

On the downside, only below 1.0990 would revive bearishness for weakness to 1.0968 but loss of momentum would keep price above support at 1.0942, yield rebound.

In the absence of data from EU today, pay attention to the Bundesbank's monthly report at 10:00GMT. Also pay attention to remarks from ECB's Chief Economist Philip Lane, who will give an on-stage interview at the Fortune Global Forum in Frankfurt at 13:00GMT.

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

DAILY MARKET OUTLOOK on Major
Update Time: 19 Nov 2019 03:30GMT

EUR/USD - 1.1067
Despite the single currency's fall to a 1-month trough at 1.0990 last Thursday, subsequent strong rebound to 1.1057 on Friday, then higher to 1.0990 yesterday on improved risk appetite suggests recent decline from October's 2-month peak at 1.1179 has made a temporary low there and consolidation with upside bias remains for stronger retracement to 1.1131 before prospect of retreat later this week.

On the downside, only below 1.0990 would revive bearishness for weakness to 1.0968 but loss of momentum would keep price above support at 1.0942, yield rebound.

Economic data to be released later:
New Zealand GDT price index, PPI inputs, PPI outputs.
Germany wholesale sales, Swiss trade balance, exports, imports, Italy industrial orders, industrial sales, EU current account, construction output, UK CBI trends survey.
U.S. building permits, housing starts, redbook and Canada manufacturing sales

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

DAILY MARKET OUTLOOK on Major
Update Time: 20 Nov 2019 03:30GMT

EUR/USD - 1.1077
Despite the single currency's fall to a 1-month trough at 1.0990 last Thursday, subsequent strong rally to 1.1090 on Monday due partly to usd's weakness suggests recent decline from October's 2-month peak at 1.1179 has made a temporary low there and consolidation with upside bias remains for stronger retracement to 1.1131 before prospect of retreat later this week.

On the downside, only below 1.0990 would revive bearishness for weakness to 1.0968 but loss of momentum would keep price above support at 1.0942, yield rebound.

Pay attention to the release of German producer prices at 07:00GMT. Street forecasts for mm and yy are 0.0% and -0.4% vs previous readings of 0.1% and -0.1% respectively.

AceTrader - Best Intra-day Forex Trading Strategies
AceTrader has been in Forex market since 1984, with proven analytical approach used by professionals and real-time updates