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AceTraderFx Mar 05: Daily Recommendations on Major -EUR/USD
DAILY MARKET OUTLOOK on Major
Update Time: 05 Mar 2020 03:30GMT
EUR/USD - 1.1137
Despite the single currency's rally to a 2-month peak at 1.1213 on Tuesday after the Federal Reserve cut its interest rates by 50 basis points, subsequent sharp retreat to 1.1096 yesterday suggests upmove from February's near 3-year trough at 1.0778 has possibly made a temporary top there and range trading is in store before prospect of another rise towards said resistance later, break, 1.1239.
On the downside, only below 1.1053 would dampen daily bullishness and risk stronger retracement to 1.1000/05, then 1.0970/80 before rebound.
Data to be released on Thursday :
Australia trade balance, imports, exports.
UK BBA mortgage approvals.
U.S. initial jobless claims, labour costs, productivity index, durables ex-defense, durable goods, factory orders, durables ex-transportation.
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
Update Time: 05 Mar 2020 03:30GMT
EUR/USD - 1.1137
Despite the single currency's rally to a 2-month peak at 1.1213 on Tuesday after the Federal Reserve cut its interest rates by 50 basis points, subsequent sharp retreat to 1.1096 yesterday suggests upmove from February's near 3-year trough at 1.0778 has possibly made a temporary top there and range trading is in store before prospect of another rise towards said resistance later, break, 1.1239.
On the downside, only below 1.1053 would dampen daily bullishness and risk stronger retracement to 1.1000/05, then 1.0970/80 before rebound.
Data to be released on Thursday :
Australia trade balance, imports, exports.
UK BBA mortgage approvals.
U.S. initial jobless claims, labour costs, productivity index, durables ex-defense, durable goods, factory orders, durables ex-transportation.
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