AceTraderFx: Daily Market Outllook on Major -EUR/USD

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

DAILY MARKET OUTLOOK on Major
Update Time: 29 July 2020 03:30GMT

EUR/USD - 1.1721
Although price has retreated after Monday's rise to a fresh 22-month peak at 1.1781 and minor consolidation would be seen in Asia, as 1.1700 has contained downside in Europe yesterday, upside bias remains and above aforesaid top would extend to medium-term upmove to 1.1795/00, however, loss of momentum would keep price below 1.1815 and yield a much-needed correction later.

On the downside, only below 1.1683 would indicate a temporary top has been made and risk stronger retracement to 1.1658, then 1.1626.

Pay attention to Germany's import prices mm and yy at 06:00GMT. Street forecasts are 0.5% and -5.1% vs previous readings of 0.3% and -7.0% respectively.

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AceTraderFx July 30: Daily Recommendations on Major -EUR/USD

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

EUR/USD - 1.1778
The single currency's resumption of recent uptrend to a fresh 22-month peak at 1.1806 in post-FOMC trading yesterday suggests Medium Term upmove remains in progress and further gain to 1.1815, then 1.1830/40 would be seen after consolidation, however, loss of momentum would keep price below 1.1861 and yield a much-needed correction later.

On the downside, only below 1.1719 would indicate a temporary top has been made and risk stronger retracement to 1.1700, then 1.1683 before prospect of a rebound later.

Data to be released on Thursday :
Japan retail sales, New Zealand NBNZ business outlook, NBNZ own activity, Australia building permits, export prices, import prices.
France producer prices, Swiss KOF indicator, Germany unemployment change, unemployment rate, GDP, CPI, HICP, Italy unemployment rate, EU business cliamte, economic sentiment, industrial sentiment, services sentiment, consumer confidence, unemployment rate, Canada average weekly earnings.
U.S. GDP, GDP deflator, core PCE price index, PCE price index, initial jobless claims, continued jobless claims.

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AceTraderFx July 31: Daily Recommendations on Major -EUR/USD

DAILY MARKET OUTLOOK on Major
Update Time: 31 July 2020 03:30GMT

EUR/USD - 1.1868
The single currency's rally to a 25-month peak at 1.1848 yesterday, then higher to 1.1888 in Asia today suggests medium-term uptrend remains in progress and further gain to 1.1899, then 1.1916/20 would be seen after consolidation, however, loss of momentum would keep price below 1.1946/50 and yield a much-needed correction early next week.

On the downside, only below 1.1806 (previous resistance, now support) would indicate a temporary top has been made and risk stronger retracement to 1.1769/73.

Data to be released on Friday :
Japan unemployment rate, industrial output, consumer confidence, construction orders, housing starts, China NBS non-manufacturing PMI, NBS manufacturing PMI, Australia PPI.
France GDP, consumer spending, CPI (EU norm), CPI, Germany retail sales, UK nationwide house price, Swiss retail sales, Italy GDP, CPI, CPI (EU norm), retail sales, EU HICP, core HCIP GDP.
U.S. personal income, personal spending, core PCE, PCE price index, employment costs, Chicago PMI, University of Michigan sentiment, and Canada GDP, producer prices, budget balance.

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AceTraderFx Aug 04: Daily Recommendations on Major -EUR/USD

DAILY MARKET OUTLOOK on Major
Update Time: 04 Aug 2020 03:30GMT

EUR/USD - 1.1755
Despite the single currency's rise to a fresh 2-year peak at 1.1908 last Friday, subsequent selloff to 1.1697 in New York yesterday suggests recent upmove has made a temporary top there and choppy trading with mild downside bias would be seen, however, support at 1.0732 would remain intact and yield rebound later.

On the upside, only above 1.1896 would indicate aforesaid correction has ended and risk re-test of said resistance, break would extend to 1.1940/50.

Pay attention to the release of EU producer prices mm and yy at 09:00GMT. Street forecasts are 0.5% and -3.9% vs previous readings of -0.6% and -5.0% respectively.

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

DAILY MARKET OUTLOOK on Major
Update Time: 05 Aug 2020 03:30GMT

EUR/USD - 1.1806
Despite the single currency's selloff from last Friday's fresh 2-year peak at 1.1908 to as low as 1.1697 on Monday, subsequent strong rebound to 1.1806 yesterday and intra-day break above this resistance suggests the 1st leg of correction has ended and consolidation with upside bias remains for gain to 1.1835/40, however, 1.1850 should remain intact and yield retreat.

On the downside, only below 1.1722 would revive bearishness for weakness to 1.1697, break would risk stronger retracement to 1.1680/83.

Pay attention to the release of EU retail sales mm and yy at 09:00GMT. Street forecasts are 5.9% and -0.5% vs previous readings of 17.8% and -5.1% respectively.

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

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

EUR/USD - 1.1876
Despite the single currency's selloff from last Friday's fresh 2-year peak at 1.1908 to as low as 1.1697 on Monday, subsequent rally to 1.1905 yesterday on usd's broad-based weakness confirms the pullback has ended and consolidation with upside bias remains for re-test of said top and break would extend marginally, however, 1.1950/60 should remain intact and yield retreat.

On the downside, only below 1.1800 would revive bearishness for weakness to 1.1722, break would risk stronger retracement to 1.1697.

Pay attention to the release of Germany industrial orders mm and yy at 06:00GMT. Street forecasts are 10.1% and -34.0% vs previous readings of 10.4% and -29.3% respectively.

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

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

EUR/USD - 1.1872
As euro has risen again after intra-day strong retreat from Thursday's fresh 2-year peak of 1.1915 to 1.1819 (New York), suggesting recent uptrend would extend marginal gain after consolidation, however, loss of upward momentum is likely to cap price at 1.1950/60 today and risk has increased for a correction to take place.

On the downside, a daily close below previous support area at 1.1800/06 would signal temporary top is made and yield stronger retracement to 1.1755/60.

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

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

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

EUR/USD - 1.1791
Despite the single currency's rise to a fresh 2-year peak at 1.1915 last Thursday, subsequent selloff to 1.1756 on usd's broad-based strength in post-NFP trading on Friday suggests MT upmove has made a temporary top there and consolidation with downside bias remains for stronger retracement to 1.1722, however, support at 1.1697 should remain intact, yield rebound later this week.

On the upside, only above 1.1850 would indicate aforesaid pullback has ended instead and risk gain to 1.1890/00, then 1.1915 later.

Data to be released today :
New Zealand ANZ business outlook, ANZ own activity, China PPI, CPI.
Swiss unemployment rate, EU Sentix index, Canada leading index and U.S. JOLTS job openings on Monday.

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

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

EUR/USD - 1.1731
Despite the single currency's rise to a fresh 2-year peak at 1.1915 last Thursday, subsequent selloff to 1.1756 on usd's broad-based strength in post-NFP trading on Friday and yesterday's break of this support suggests MT upmove has made a temporary top there and consolidation with downside bias remains for stronger retracement to 1.1695/97, however, support at 1.1683 should remain intact, yield rebound later this week.

On the upside, only above 1.1850 would indicate aforesaid pullback has ended instead and risk gain to 1.1890/00, then 1.1915 later.

Pay attention to the release of German ZEW economic sentiment and current conditions at 09:00GMT. Street forecasts are 58.0 and -68.8 vs previous readings of 59.3 and -80.9 respectively.

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

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

EUR/USD - 1.1734
Despite the single currency's rise to a fresh 2-year peak at 1.1915 last Thursday, subsequent selloff to 1.1723 in Asia yesterday on usd's broad-based strength suggests Medium Term upmove has made a temporary top there and consolidation with downside bias remains for stronger retracement to 1.1695/97, however, support at 1.1683 should remain intact, yield rebound later this week.

On the upside, only above 1.1807 would indicate aforesaid pullback has ended instead and risk gain to 1.1840/50, then 1.1915 later.

Data to be released on Wednesday :
Australia consumer sentiment, wage price index, New Zealand RBNZ interest rate decision.
UK GDP, industrial output, manufacturing output, construction output, trade balance, NIESR GDP estimate, Italy consumer prices, CPI (EU norm), EU industrial production.
U.S. MBA mortgage applications, core CPI, CPI, real weekly earnings, Federal budget.

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