AceTraderFx: Daily Market Outllook on Major -EUR/USD

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

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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.

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

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DAILY MARKET OUTLOOK on Major

Update Time: 06 Mar 2020 03:30GMT

EUR/USD - 1.1227
The single currency's rise above Tuesday's near 2-month peak at 1.1213 to 1.1244 yesterday on usd's broad-based weakness suggests upmove from February's near 3-year trough at 1.0778 has once again resumed and further gain to 1.1285/90 would be seen after consolidation, however, over bought condition would keep price below 1.1320.30 and yield a much-needed correction early next week.

On the downside, only below 1.1168 would indicate a temporary top has been made and risk would increase for a stronger retracement to 1.1120.

Pay attention to the release of German industrial orders at 07:00GMT. Street forecasts for mm and yy are 1.4% and -7.6% vs previous readings of -2.1% and -8.7% respectively.

AceTrader - Best Intra-day Forex Trading Strategies
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AceTraderFx Mar 09: Daily Recommendations on Major -EUR/USD

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DAILY MARKET OUTLOOK on Major

Update Time: 09 Mar 2020 03:30GMT

EUR/USD - 1.1368
The single currency's rally to a fresh 8-month peak at 1.1354 last Friday and intra-day gap-up open and rise above this level to 1.1395 signals upmove from February's near 3-year trough 1.0778 remains in progress and further gain to 1.1412/15 would be seen before prospect of a much-needed correction due to loss of momentum.

On the downside, only below 1.1286 would indicate a temporary top has been made and risk stronger weakness to 1.1260/65.

Data to be released today:
Japan current account, trade balance, GDP deflator, GDP, economic watchers current, economic watchers outlook.
Swiss unemployment rate, Germany industrial output, exports, imports, trade balance, current account, EU Sentix index.
Canada leading index, housing starts, building permits on Monday.

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

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DAILY MARKET OUTLOOK on Major

Update Time: 10 Mar 2020 03:30GMT

EUR/USD - 1.1397
The single currency's rally above last Friday's high at 1.1354 to a 13-month peak at 1.1494 yesterday on dollar's broad-based weakness signals upmove from February's near 3-year trough 1.0778 remains in progress and further gain to 1.1520/30 would be seen before prospect of a much-needed correction due to loss of momentum.

On the downside, only below 1.1354 would indicate a temporary top has been made and risk stronger weakness to 1.1260/65.

Data to be released on Tuesday :
New Zealand manufacturing sales, UK BRC retail sales, Australia NAB business conditions, NAB business confidence, China PPI, CPI.
France non-farm payrolls, industrial output, Italy industrial output, EU employment change, GDP.
U.S. redbook.

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

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DAILY MARKET OUTLOOK on Major

Update Time: 11 Mar 2020 03:30GMT

EUR/USD - 1.1310
Despite the single currency's rise to a 13-month peak at 1.1494 on Monday, subsequent selloff to 1.1276 yesterday in late New York due to a rally in U.S. stocks suggests upmove from February's near 3-year trough at 1.0778 has made a temporary top there and consolidation with downside bias remains for weakness to 1.1245, however, near term loss of momentum would keep price above 1.1213.

On the upside, only above 1.1401 would indicate aforesaid pullback has ended instead and risk stronger gain to 1.1450/60 later this week.

Data to be released on Wednesday :
New Zealand retail sales, Australia consumer sentiment, Italy producer prices, UK GDP, industrial output, manufacturing output, construction output, trade balance, NIESR GDP estimate, budget report.
U.S. MBA mortgage applications, core CPI, CPI, real weekly earnings, and Canada capacity utilization.

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

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DAILY MARKET OUTLOOK on Major

Update Time: 12 Mar 2020 03:30GMT

EUR/USD - 1.1267
Despite the single currency's rise to a 13-month peak at 1.1494 on Monday, subsequent selloff to 1.1276 Tuesday, then 1.1258 yesterday due to a rally in U.S. yields suggests upmove from February's near 3-year trough at 1.0778 has made a temporary top there and consolidation with downside bias remains for weakness to 1.1212, however, near term loss of momentum would keep price above 1.1180/90.

On the upside, only above 1.1366 would indicate aforesaid pullback has ended instead and risk stronger gain to 1.1401 later

Data to be released on Thursday :
Japan corporate goods price index.
UK RICS housing price balance, EU industrial production, ECB interest rate decision, ECB deposit rate decision.
U.S. initial jobless claims, PPI, core PPI.

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

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DAILY MARKET OUTLOOK on Major

Update Time: 13 Mar 2020 03:30GMT

EUR/USD - 1.1175
Despite the single currency's selloff from 1.1301 to as low as 1.1056 in post-ECB trading, subsequent strong rebound to 1.1226 near New York closing suggests decline from Monday's 14-month peak at 1.1494 has possibly made a temporary low there and choppy trading with upside bias would be seen for gain to 1.1333, however, resistance at 1.1366 should remain intact and yield retreat.

On the downside, only below 1.1056 would revive bearishness for further weakness to 1.1000/10 before prospect of a correction due to loss of momentum.

Data to be released on Friday :
New Zealand manufacturing PMI, food price index, Japan tertiary industry activity index.
Germany CPI, HICP, France CPI (EU norm), CPI.
U.S. import prices index, export prices index, University of Michigan sentiment.

AceTrader - Best Intra-day Forex Trading Strategies
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Daily Recommendations on Major -EUR/USD

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DAILY MARKET OUTLOOK on Major
Update Time: 16 Mar 2020 03:30GMT

EUR/USD - 1.1100
Despite the single currency's rally in New Zealand to 1.1199 on the Federal Reserve's surprise decision to cut rates to 0-0.25%, subsequent retreat suggests recovery from Friday's low at 1.1055 has ended there and below said support would extend decline from last Monday's 13-month peak at 1.1494 to 1.0952 before prospect of correction later.

On the upside, only above 1.1199 would indicate aforesaid pullback has ended instead and risk stronger retracement to 1.1275 (50% r).

Data to be released today:
Japan Machinery orders.
UK Rightmove house price, China house prices, industrial output, retail sales, Swiss import price, Italy consumer prices, CPI (EU) norm.
U.S. New York Fed manufacturing on Monday.

AceTrader - Best Intra-day Forex Trading Strategies
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AceTraderFx Mar 17: Daily Recommendations on Major -EUR/USD

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DAILY MARKET OUTLOOK on Major

Update Time: 17 Mar 2020 03:30GMT

EUR/USD - 1.1160
Despite the single currency's rally to 1.1236 in Europe after yesterday's gap-down and fall to 1.1047 in New Zealand, subsequent retreat to 1.1095 suggests the recovery has ended and consolidation with downside bias remains for a re-test of said support, break would extend decline from last Monday's 13-month peak at 1.1494 towards 1.1000/10 later before prospect of a correction.

On the upside, only above 1.1236 would revive bullishness for a stronger retracement of above mentioned move to 1.1275 (50% r).

Data to be released on Tuesday :
New Zealand Westpac consumer survey, GDT price index, Australia RBA meeting minutes, home price index, Japan industrial output, capital utilization.
UK claimant count, ILO unemployment rate, employment change, average weekly earnings, Germany ZEW economic sentiment, ZEW current conditions, EU construction output, labour costs, ZEW economic sentiment.
Canada manufacturing sales, and U.S. retail sales ex-autos, retail sales, redbook, industrial production, capital utilization, manufacturing output, JOLTS job openings, NAH housing market index.

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

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DAILY MARKET OUTLOOK on Major

Update Time: 18 Mar 2020 03:30GMT

EUR/USD - 1.1004
The single currency's fall below Monday's low at 1.1047 to 1.0956 yesterday on dollar's broad-based strength suggests erratic decline from last Monday's 13-month peak at 1.1494 has once again resumed and further weakness to 1.0915 would be seen after consolidation, however, loss of momentum would keep price above 1.0880 and yield a much-needed correction later.

On the upside, only above 1.1047 would indicate a temporary low has been made and risk stronger retracement of aforesaid downtrend to 1.1095/00.

Pay attention to the release of German Wholesale Price index at 07:00GMT.
Street forecast for mm and yy are 0.0% and 1.3% vs previous readings of 1.0% and 0.3% 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
 
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