AceTraderFx: Daily Market Outllook on Major -EUR/USD

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

DAILY MARKET OUTLOOK on Major
Update Time: 06 Feb 2020 03:30GMT

EUR/USD - 1.1000
Euro's resumption of decline to 1.0994 yesterday due to usd's strength in New York after robust U.S. ADP private jobs data suggests re-test pf January's 8-week low at 1.0993 would be forthcoming soon, break would extend recent erratic fall from 1.1239 (December) to next chart objective at 1.0982 (November low), then later towards projected target at 1.0944.

Only a daily close above 1.1034 'prolongs' volatile trading above 1.0993 and risks stronger gain to 1.1064/66, however, reckon 1.1096 should remain intact ahead of Friday's key jobs data.

Data to be released on Thursday :
Australia retail sales, trade balance, imports, exports, NAB business confidence.
Germany industrial orders, and U.S. initial jobless claims, labour costs, productivity.

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

DAILY MARKET OUTLOOK on Major
Update Time: 07 Feb 2020 03:30GMT

EUR/USD - 1.0982
Euro's anticipated break of January's 1.0993 low yesterday to a near 4-month trough of 1.0965 due to continued broad-based usd's strength suggests early correction from 2019 bottom at 1.0880 (October) has ended at 1.1239 (Dec 31) and consolidaton with downside bias remains for further weakness, however, loss of downward momentum should keep price above 1.0900/10.

On the upside, only a daily close above Thursday's 1.1013 high (downbeat U.S. jobs data perhaps) signals temporary low is made, then risk would shift to the upside for stronger recovery to 1.1047, then 1.1064/66 before prospect of retreat.

Data to be released on Friday :
Australia AIG construction index, Japan all household spending, coincident index, leading indicator, China exports, imports, trade balance.
UK Halifax house prices, Germany industrial output, exports, imports, trade balance, current account, France current account, industrial output, non-farm payrolls, trade balance, imports, exports, Italy retail sales.
U.S. non-farm payrolls, private payrolls, unemployment rate, average earnings, wholesale inventories, wholesale sales, and Canada employment change, unemployment rate, Ivey PMI.

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

DAILY MARKET OUTLOOK on Major
Update Time: 10 Feb 2020 03:30GMT

EUR/USD - 1.0946
Friday's anticipated resumption of recent decline to a 4-month low of 1.0943 after intra-day choppy trading in post-NFP New York session suggests downside bias remains for weakness towards 2019 28-month bottom at 1.0880 (September), however, break needed to retain bearishness for further subsequent decline towards next chart obj. at 1.0840.

On the upside, only a daily close above 1.0985 (Friday's high) signals temporary low is made n may risk stronger retracement to 1.1013/15.

Data to be released later today:
Japan current account, trade balance, economy watchers current, economy watchers outlook, China PPI, CPI.
Swiss unemployment rate, CPI, Italy industrial output, EU Sentix index.
Canada leading index, housing starts, building permits on Monday.

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

DAILY MARKET OUTLOOK on Major
Update Time: 11 Feb 2020 03:30GMT

EUR/USD - 1.0909
Yesterday's anticipated resumption of recent downtrend to a fresh 4-month low of 1.0909 (New York) due partly to broad-based selling in euro suggests re-test of 2019 bottom at 1.0880 (October) would be seen, however, loss of downward momentum is likely to keep price above next chart sup at 1.0840.

On the upside, only above 1.0957 signals temporary bottom is in place and may risk stronger retracement to 1.0975/85 before prospect of retreat.

Data to be released on Tuesday :
Japan market holiday, machine tool orders, Australia NAB business conditions, NAB business confidence.
UK BRC retail sales, GDP, industrial output, manufacturing output, construction output, trade balance, NIESR GDP estimate.
U.S. redbook, JOLTS job openings.

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

DAILY MARKET OUTLOOK on Major
Update Time: 12 Feb 2020 03:30GMT

EUR/USD - 1.0914
Despite yesterday's anticipated resumption of recent downtrend to a fresh 4-month trough of 1.0892 in New York, failure to re-test 2019 bottom at 1.0880 (October) and subsequent corrective rise to 1.0924 on short covering suggests temporary low is made and stronger retracement is seen but 1.0957 should cap upside and yield one more fall.

Below 1.0892 would re-test 1.0880, however, loss of downward momentum should keep euro above minor daily sup at 1.0840.

On the data front, the only data due out is EU's industrial production. There is an European Financial Forum today in Dublin which is participated by several ECB members n Fed official, please refer to our EI page for details.

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

DAILY MARKET OUTLOOK on Major
Update Time: 13 Feb 2020 03:30GMT

EUR/USD - 1.0872
Yesterday's anticipated break of 2019 low at 1.0880 to a 3-year trough of 1.0866 in New York due to renewed usd's strength and broad-based selling in euro suggests the single currency is en route to 2017 trough at 1.0840, however, oversold condition is likely to keep price above 1.0800 this week.

On the upside, only a daily close above Wed's 1.0925 high signals temporary low is made and risks stronger retarcement towards 1.0957 but 1.0985 should cap upside.

Data to be released on Thursday :
Japan corporate goods price, UK RICS housing price balance.
France ILO unemployment rate, Germany CPI, HICP.
U.S. core CPI, CPI, real weekly earnings, initial jobless claims.

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

DAILY MARKET OUTLOOK on Major
Update Time: 14 Feb 2020 03:30GMT

EUR/USD - 1.0838
Euro's resumption of recent downtrend to a near 3-year trough of 1.0835 in New York Thur suggests price would head to projected target at 1.0795/00 after consolidation, oversold condition is expected to keep price above 1.0778 and risk has increased for a much-needed minor correction to occur later today or Monday.

On the upside. a daily close above 1.0888 would be the 1st signal temporary low is made and yield stronger retracement to 1.0915/25 next week.

The euro area countries will release a slew of eco. data, please refer to our EI page for details.
Pay attention to GDP data from Germany n the EU at 07:00GMT and 10:00GMT respectively.

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

DAILY MARKET OUTLOOK on Major
Update Time: 17 Feb 2020 03:30GMT

EUR/USD - 1.0836
Despite euro's rebound from Friday's near 3-year trough at 1.0828 to 1.0861 in New York, subsequent retreat suggests the recovery has ended and consolidation with downside bias remains for a re-test of said support, break would extend Medium Term decline to 1.0790/00, however, loss of momentum would keep price above 1.0778 and yield a much-needed correction later.

On the upside, only above 1.0888/92 would indicate a temporary low has been made and risk would increase for a stronger retracement to 1.0925 later this week.

Data to be released later today:
Japan GDP deflator, GDP, GDP annualized, industrial output, capital utilization, China house price.
UK Rightmove house price index, EU construction output.
U.S. market holiday and Canada market holiday on Monday.

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

DAILY MARKET OUTLOOK on Major
Update Time: 18 Feb 2020 03:30GMT

EUR/USD - 1.0831
Despite euro's rebound from Friday's near 3-year trough at 1.0828 to 1.0861 in New York, subsequent retreat to 1.0830 yesterday suggests the recovery has ended and consolidation with downside bias remains for a re-test of said support, break would extend Medium Term decline to 1.0790/00, however, loss of momentum would keep price above 1.0778 and yield a much-needed correction later.

On the upside, only above 1.0888/92 would indicate a temporary low has been made and risk would increase for a stronger retracement to 1.0925 later this week.

There isn't much to report on the data front from the U.S. today. President of the Minneapolis Fed Neel Kashkari is scheduled to speak in Saint Paul at 19:00GMT.

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

DAILY MARKET OUTLOOK on Major
Update Time: 19 Feb 2020 03:30GMT

EUR/USD - 1.0794
The single currency's selloff to a fresh near 3-year trough at 1.0786 yesterday on weak German data suggests medium-term decline has once again resumed and marginal weakness to 1.0760/70 is likely to be seen, however, loss of momentum would keep price above 1.0750 today and yield a much-needed correction later.

On the upside, only above 1.0837 would indicate a temporary bottom has been made and risk would increase for a stronger retracement to 1.0861 before prospect of retreat.

Data to be released on Wednesday :
New Zealand retail sales volumes, Australia Westpac leading index, wage price index, Japan machinery orders, exports, imports, trade balance.
EU current account, construction output, UK DCLG house price index, core CPI, CPI, RPI, core RPI, PPi input prices, PPI output prices, PPI core output prices.
U.S. MBA mortgage applications, building permits, housing starts, PPI, core PPI, redbook, and Canada CPI, CPI BoC core

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