AceTraderFx: Daily Market Outllook on Major -EUR/USD

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AceTraderFx Nov 26: Daily Recommendations on Major -EUR/USD

DAILY MARKET OUTLOOK on Major
Update Time: 26 Nov 2020 03:00GMT

EUR/USD - 1.1924
Despite yesterday's retreat from European 11-week high at 1.1929 to 1.1833, subsequent strong rebound to 1.1926 in New York suggests pullback has ended and recent upmove from November's 1.1603 trough would resume after consolidation and head to 1.1960/65 before prospect of retreat due to overbought condition.

On the downside, only below 1.1883 would indicate temporary top is made and risks weakness to 1.1842/47, break, 1.1800.

On the data front, Germany will release GfK consumer sentiment at 07:00 GMT, with street forecasts at -5.0, versus previous readings of -3.1. Also, we have ECB's executive board member Philip Lane scheduled to speak at 12:00 GMT followed by ECB board member Isabel Schnabel at 13:00 GMT.

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AceTraderFx Nov 27: Daily Recommendations on Major -EUR/USD

DAILY MARKET OUTLOOK on Major
Update Time: 27 Nov 2020 03:00GMT

EUR/USD - 1.1912
Although euro's strong retreat from Thursday's fresh 11-week high of 1.1940 to 1.1886 due to intra-day broad-based recovery in usd suggests recent upmove has made a temporary top, subsequent rebound in holiday-thin N. American session has retained bullishness for further gain, loss of upward momentum should cap price well below 2020 peak at 1.2011 (Sep).

Only a daily close below 1.1883 (Wed's low) would risk stronger retracement twd 1.1842 before prospect of another rise on Monday.

Data to be released on Friday:
Japan Tokyo CPI.
France consumer spending, GDP, CPI, producer prices, Italy business confidence, consumer confidence, producer prices, EU business climate, economic sentiment, industrial sentiment, consumer .
Canada budget balance.

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

DAILY MARKET OUTLOOK on Major
Update Time: 30 Nov 2020 03:00GMT

EUR/USD - 1.1968
Euro's resumption of recent upmove to an 11-week high of 1.1964 (New York) on Friday due to renewed risk sentiment suggests price is en route to 2020 2-year peak at 1.2011 (Sep) after consolidation, a daily close above there would encourage for further headway toward next projected target at 1.2065 later.

On the downside, only below 1.1915 (European low Fri) signals temporary top is made and may risk stronger retracement to 1.1883/86 before prospect of rebound.

Data to be released later today:
Japan industrial output, retail sales, New Zealand business outlook, Australia business inventories, China non-manufacturing PMI, manufacturing PMI.
Swiss retail sales, KOF indicator, Italy CPI, Germany CPI, HICP.
Canada current account, producer prices, U.S. Chicago PMI, pending home sales and Dallas Fed manufacturing on Monday.

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AceTraderFx Dec 01: Daily Recommendations on Major -EUR/USD

DAILY MARKET OUTLOOK on Major
Update Time: 01 Dec 2020 03:00GMT

EUR/USD - 1.1943
Despite yesterday's resumption of recent upmove to a fresh 12-week high of 1.2003 in New York morning, failure to re-test Sep's 2-year peak of 1.2011 and subsequent selloff to as low as 1.1925 due to month-end demand for usd suggests temporary top has been made, as long as 1.1883/86 sup holds, prospect of another rebound towards 1.2000 remains.

Only a daily close below 1.1883 would shift risk to the downside from stronger correction towards 1.1800 later this week.

Although price has staged a rebound in Asia n fresh buying interest (bargain hunting), as yesterday's decline signals recent upmove has made temporary top, consolidation with downside bias is seen for another fall, reckon sup at 1.1883-86 would contained weakness.
Offers are tipped at 1.1955/65 and more above with fairly large stops reported above 1.2015. Bids are noted at 1.1925/15 with stops below 1.1880.

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AceTraderFx Dec 02: Daily Recommendations on Major -EUR/USD

DAILY MARKET OUTLOOK on Major
Update Time: 02 Dec 2020 03:00GMT

EUR/USD - 1.2066
Euro's impressive rally on Tue above previous 2020 high of 1.2011 (now sup) to a 2-1/2 year peak of 1.2076 in New York due to continued usd's weakness on market's risk appetite suggests further gain would be seen after consolidation, overbought condition should cap price below 1.2155 and risk has increased for a minor retracement to occur later today or tomorrow.

On the downside, only a daily close below 1.2011 confirms temporary top is in place and risks stronger retracement to 1.1961.

The euro area countries will release a slew of eco. data as well as a number of ECB board members schedule to speak later today, pls refer to our EI page for details.

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AceTraderFx Dec 03: Daily Recommendations on Major -EUR/USD

DAILY MARKET OUTLOOK on Major
Update Time: 03 Dec 2020 03:00GMT

EUR/USD - 1.2108
Although euro's gain to a fresh 2-1/2 year high of 1.2118 near New York close Wed after intra-day retreat from 1.2088 (Europe) to 1.2041 suggests recent uptrend remains in progress and would extend marginal gain after consolidation, near term loss of upward momentum is likely to cap price at 1.2175/80.

On the downside, only a daily close below said yesterday's 1.2041 confirms temporary top is in place and risks stronger retracement towards 1.2011.

The euro area countries will release a slew of eco. data (pls refer to our EI page for details) n pay attention to key Markit services PMI for Nov especially for euro zone's largest economy, German services PMI.

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

DAILY MARKET OUTLOOK on Major
Update Time: 04 Dec 2020 03:00GMT

EUR/USD - 1.2150
Euro's retreat from Thursday's fresh 2-1/2 year peak of 1.2175 to 1.2133 in hectic New York session suggests initial consolidation is in store, as long as yesterday's 1.2102 low (Europe) holds, upside bias remains for marginal gain, loss of near term upward momentum should cap price below 1.2257.

Only a daily close below 1.2102 confirms temporary top is made and risk would shift to the downside for a stronger correction to 1.2041 next week.

Data to be released on Friday :
Australia retail sales.
Germany industrial orders, France budget balance, Italy retail sales, UK Markit construction PMI, Canada employment change, unemployment rate, trade balance, exports, imports.
U.S. non-farm payrolls, private payrolls, unemployment rate, average earnings, trade balance, durable ex-defense, durable goods, factory orders, durables ex-transportation.

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

DAILY MARKET OUTLOOK on Major
Update Time: 07 Dec 2020 03:00GMT

EUR/USD - 1.2127
Although euro's decline in post-NFP New York Fri on broad-based usd's recovery due to jump in U.S. yields after hitting a fresh 2-1/2 year peak of 1.2177 (Europe) suggests temporary top is made and 1-2 days of sideways swings are in store, as long as 1.2041 sup holds, prospect of re-test of 1.2177 remains but loss of upward momentum should cap price at 1.2200/05.

Only a daily close below 1.2041 signals stronger correction has taken place and risks weakness to 1.2011 later this week.

Data to be released later today :
Australia AIG services index, ANZ job advertisements, China exports, imports, trade balance, Japan coincident index, leading indicator.

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AceTraderFx Dec 08: Daily Recommendations on Major -EUR/USD

DAILY MARKET OUTLOOK on Major
Update Time: 08 Dec 2020 03:00GMT

EUR/USD - 1.2108
Euro's intra-day cable-led fall from 1.2140 (Asia) to 1.2079 in Europe, then subsequent rally to as high as 1.2166 suggests early correction from Fri's 2-1/2 month peak at 1.2177 has ended. Despite subsequent strong retreat in New York session, as long as 1.2079 holds, consolidation with upside bias remains and above 1.2166 would bring re-test of 1.2177, loss of upward momentum should cap price at 1.2200/05.

A daily close below 1.2079 would shift risk to downside for stronger retracement towards 1.2041, however, reckon 1.2011 would contain weakness and bring rebound later this week.

Data to be released on Tuesday :
Japan all household spending, current account, trade balance, GDP deflator, GDP, Economy Watchers current, Economy Watchers outlook, machine tool orders, Australia NAB business conditions, NAB business confidence, home price index.
UK BRC retail sales, France non-farm payrolls, current account, trade balance, imports, exports, Germany ZEW economic sentiment, ZEW current conditions, EU employment change, GDP, ZEW survey expectation.
Canada leading index, and U.S. labor costs, productivity, redbook.

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AceTraderFx Dec 09: Daily Recommendations on Major -EUR/USD

DAILY MARKET OUTLOOK on Major
Update Time: 09 Dec 2020 03:00GMT

EUR/USD - 1.2112
Although euro's strong rebound from 1.2079 to 1.2166 Monday suggests pullback from Fri's fresh 2-1/2 year peak at 1.2177 has ended, subsequent choppy swings on Tue would bring further range trading and as long as 1.2079 holds, upside bias remains, a daily close above 1.2166 would extend recent uptrend to projected target at 1.2200/05.

Only a daily close below 1.2079 risks stronger retracement to 1.2041, however, reckon 1.2011 would contain weakness.

Eco. calendar is pretty thin with germany's export, import, trade n current balance being the only data due out at 07:00GMT. European Commission President Ursula von der Leyen will meet with UK PM Boris Johnson in Brussels later today in a last-minute attempt to clinch a Brexit deal ahead of European Council meeting on Thur.

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