AceTraderFx: Daily Market Outllook on Major -EUR/USD

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

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DAILY MARKET OUTLOOK on Major

Update Time: 15 June 2020 03:30GMT

EUR/USD - 1.1246
Euro's decline from last Thursday's 3-month peak at 1.1422 to as low as 1.1213 (New York) on Friday confirms medium-term upmove has made a temporary top and downside bias remains for a long-overdue correction towards 1.1147.

Only a daily close above 1.1277 signals 1st leg of correction is over, however, reckon 1.1340 (Friday high) should remain intact and yield another fall later this week.

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

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

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DAILY MARKET OUTLOOK on Major

Update Time: 16 June 2020 03:30GMT

EUR/USD - 1.1331
Euro's rally in New York afternoon due to usd's weakness following announcement of Fed's purchase of corporate bond suggests first leg of correction from last Wednesday's 3-month peak at 1.1422 has ended at 1.1212 (Friday) and upside bias remains for further gain after consolidation, near term overbought condition would cap price below 1.1403.

On the downside, below 1.1268 is needed to indicate rebound is over, then risk would shift to downside for weakness to 1.1241, then weakness towards 1.1213.

The euro area counties will release a slew of eco. data, pls refer to our EI page for details.

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

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DAILY MARKET OUTLOOK on Major

Update Time: 17 June 2020 03:30GMT

EUR/USD - 1.1263
Although euro's strong rise from last week's 1.1213 low (Fri) suggests 1st leg of correction from June's 3-month peak at 1.1422 has ended there, Tuesday's selloff from 1.1352 to as low as 1.1229 in New York due to broad-based usd's strength after robust U.S. retail sales suggests recovery over and re-test of 1.1213 is envisaged, then towards next objective at 1.1147 later this week.

Only above 1.1300 'prolongs' choppy swings, however, reckon 1.1352 should cap upside and yield another decline.

Data to be released on Wednesday :
New Zealand current account, Japan exports, imports, trade balance, Australia Westpac leading index.
UK core CPI, CPI, RPI, core RPI, PPI input prices, PPI output prices, PPI core output, DCLG house price index, Italy indutrial orders, industrial sales, EU construction output, HICP, core HICP.
U.S. building permits, housing starts, and Canada CPI, core CPI.

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

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DAILY MARKET OUTLOOK on Major

Update Time: 18 June 2020 03:30GMT

EUR/USD - 1.1242
Yesterday's brief break of last week's 1.1213 low to 1.1208 in New York confirms euro's decline from June's 3-month peak at 1.1422 has once again resumed and although subsequent rebound on short covering would bring initial consolidation, downside bias remains for further weakness, 'loss of downward momentum' is expected to keep price above 1.1147.

Only a daily close above 1.1294 (Wednesday's top) defers current bearish scenario and may risk stronger retracement to 1.1315/25 but 1.1352 should remain intact.

Data to be released on Thursday :
New Zealand GDP, Australia employment change, unemployment rate.
Swiss trade balance, exports, imports, SNB interest rate decision, Italy trade balance, UK BOE interest rate decision, asset purchase program, BOE QE total, BOE QE corporate bond purchases, BOE MPC vote hike, BOE MPC vote unchanged, BOE MPC vote cu.
U.S. initial jobless claims, continued jobless claims, Philadelphia Fed manufacturing index, leading index change, and Canada ADP employment change, new housing price index, wholesale trade.

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

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DAILY MARKET OUTLOOK on Major

Update Time: 19 June 2020 03:30GMT

EUR/USD - 1.1202
Despite Thursday's initial sideways swings, subsequent decline from 1.1262 (Europe) to a 12-day low at 1.1186 on renewed usd's strength suggests recent decline from June's 3-month peak at 1.1422 would resume after consolidation, near term loss of downward momentum is likely to limit weakness to 1.1147 and risk has increased for a correction.

On the upside, only above 1.1262 signals temporary bottom is made and yields stronger retracement towards 1.1294.

On the economic data front, Germany will kick off with producer prices and then followed by EU's current account. The European Council will hold a meeting later today so keep an eye out on comments by EU officials.

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AceTraderFx Jun 22: Daily Recommendations on Major -EUR/USD

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DAILY MARKET OUTLOOK on Major

Update Time: 22 June 2020 02:30GMT

EUR/USD - 1.1181
As Friday's intra-day 'wild' swings ended with euro falling from 1.1254 to a 2-1/2 week low of 1.1169 as usd regained traction on safe-haven buying, suggests decline from Jun's 3-month peak at 1.1222 remains in force, near term loss of downward momentum should keep price above 1.1100/10 and risk has increased for a correction to take place tomorrow.

On the upside, only a daily close above 1.1254 confirms temporary bottom is in place, then stronger retracement towards 1.1294 can't be ruled out before prospect of another fall later this week.

Data to be released today:
UK CBI trends orders, U.S. national activity index, existing home sales and EU consumer confidence on Monday.

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

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DAILY MARKET OUTLOOK on Major

Update Time: 23 June 2020 03:30GMT

EUR/USD - 1.1269
Despite yesterday's initial re-test of last Fri's 2-1/2 week low of 1.1269 (AUS), subsequent rally to 1.1269 in New York due to broad-based usd's weakness suggests recent erratic fall from June's 3-month peak at 1.1422 has made a temporary low and 1-2 days of choppy swings are in store.

Reckon 1.1300/10 would cap present rise and yield retreat, below 1.1226 would signals rebound is over and head back to 1.1200/04 but 1.1169 should remain intact.

Data to be released on Tuesday :
Australia manufacturing PMI, services PMI, Japan Jibun Bank manufacturing PMI.
France Markit manufacturing PMI, Markit services PMI, Germany Markit manufacturing PMI, Markit services PMI, EU Markit manufacturing PMI, Markit services PMI, UK Markit manufacturing PMI, Markit services PMI.
U.S. building permits, redbook, Markit manufacturing PMI, Markit services PMI, new home sales, Richmond Fed manufacturing index.

AceTrader - Best Intra-day Forex Trading Strategies
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AceTraderFx Jun 24: Daily Recommendations on Major -EUR/USD

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DAILY MARKET OUTLOOK on Major

Update Time: 24 June 2020 03:30GMT

EUR/USD - 1.1315
Euro's stronger-than-expected rebound from last Friday's 2-1/2 week bottom at 1.1169 suggests early correction from Jun's 3-month peak at 1.1422 has ended, a daily close above 1.1352 would add credence to this view and bring re-test of 1.1422 later.

On the downside, only below 1.1281 aborts present bullish view and risk would shift to downside for weakness towards 1.1234 but reckon 1.1204 would hold today.

The euro area countries will release a slew of eco. data, please refer to our EI page for details.
Pay particular attention to release of Germany's Ifo data due out at 08:00GMT. ECB Chief Economist Lane is scheduled to speak at 07:00GMT, then Germany's FinMin Altmaier will give a news conference on Germany's economic position at 13:00GMT.

AceTrader - Best Intra-day Forex Trading Strategies
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AceTraderFx Jun 26: Daily Recommendations on Major -EUR/USD

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DAILY MARKET OUTLOOK on Major

Update Time: 26 June 2020 03:30GMT

EUR/USD - 1.1210
Despite euro's strong rise from last Friday's 2-1/2 week trough of 1.1169 to as high as 1.1348 on Tuesday, subsequent decline to 1.1191 in New York due to continued safe-haven usd buying suggests choppy trading below June's 3-month peak at 1.1422 would continue with downside bias, near term loss of downward momentum would keep price above 1.1147 today.

Only above 1.1250/60 signals temporary low is made but reckon 1.1311 should cap upside.

The euro area countries will release a slew of eco. data (see our EI page for details) n ECB President Lagarde is schedule to speak in Frankfurt at an online conference at 07:00GMT.

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AceTraderFx Jun 29: Daily Recommendations on Major -EUR/USD

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DAILY MARKET OUTLOOK on Major

Update Time: 29 June 2020 03:30GMT

EUR/USD - 1.1225
The single currency's sideways move on Friday after last Tuesday's selloff from 1.1348 to 1.1391 Thursday suggests correction from last Monday's 2-1/2 week trough at 1.1169 has ended there and consolidation with downside bias remains for a re-test of said support, break would extend decline from June's 3-month peak at 1.1422 towards 1.1147 later but support at 1.1116 should remain intact.

On the upside, only above 1.1260 would indicate a temporary bottom has been made and risk stronger retracement to 1.1281 before prospect of retreat.

Data to be released today :
Japan retail sales, EU business climate, economic sentiment, industrial sentiment, services sentiment, consumer confidence.
Germany CPI, HICP, Canada building permits, producer prices.
U.S. pending home sales, Dallas Fed manufacturing business index on Monday.

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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