AceTraderFx: Daily Market Outllook on Major -EUR/USD

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

DAILY MARKET OUTLOOK on Major
Update Time: 10 Dec 2020 03:00GMT

EUR/USD - 1.2081
Although yesterday's break of Mon's 1.2079 low to 1.2060 due to broad-based usd's rebound in New York suggests recent uptrend has made a temporary top at last Fri's 2-1/2 year peak at 1.2177, near term oversold condition would keep price above 1.2011 ahead of ECB rate decision and bring rebound.

On the upside, only a daily close above Wed's 1.2147 top signals correction is over and outlook would turn bullish for re-test of 1.2177 later.

Ahead of ECB's monetary policy announcement at 12:45GMT n post-ECB press conference at 13:30GMT, we have France's industrial output at 07:45GMT. The EU Council will hold a 2-day meeting starting today, one of the key agendas is to brief member states the state of play in latest Brexit talks.

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

DAILY MARKET OUTLOOK on Major
Update Time: 11 Dec 2020 03:00GMT

EUR/USD - 1.2144
Euro's erratic rise to 1.2158 in post-ECB New York trading on Thursday suggests correction from last Fri's 2-1/2 year peak at 1.2177 has ended earlier at 1.2060 (Wed) and above said res would extend recent uptrend towards projected target at 1.2216 early next week.

Only below 1.2082 'prolongs' choppy sideways swings below 1.2177 and may risk re-test of 1.2060, break, 1.2041.

Data to be released on Friday :
New Zealand manufacturing PMI, food price index.
Germany CPI, HICP, Italy industrial output, Canada capacity utilization.
U.S. PPI, core PPI, University of Michigan sentiment.

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AceTraderFx Dec 14: Daily Recommendations on Major -EUR/USD

DAILY MARKET OUTLOOK on Major
Update Time: 14 Dec 2020 03:00GMT

EUR/USD - 1.2125
Despite euro's strg rebound from last week's low of 1.2060 (Wed) to 1.2162 on Fri, subsequent decline to 1.2106 in NY suggests further volatile sideways swings below December's 2-1/2 year peak at 1.2177 would continue today and intra-day retreat signals downside bias remains but 1.2060 should contain weakness and yield another rise later today or tomorrow.

Above 1.2162/66 res would encourage for re-test of 1.2177, then resumption of recent uptrend to 1.2200/10.

The only eco. data due out is EU's industrial production. We have ECB members Panetta n Schnabel speaking at 09:45GMT n 13:30GMT respectively.

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

DAILY MARKET OUTLOOK on Major
Update Time: 15 Dec 2020 03:00GMT

EUR/USD - 1.2158
Although euro's brief retreat on Mon after re-testing previous Dec's fresh 2-1/2 year peak of 1.2177 suggests further choppy sideways swings may continue, as long as 1.2082 holds, upside bias remains, above 1.2177 would encourage for subsequent headway twd 1.2216.

Only below 1.2082 risks weakness to last week's low at 1.2060, possibly, 1.2041.

The euro area countries will release a slew of eco. data, pls refer to our EI page for details. We also have ECB board members Rehn n Lane speaking at 09:00GMT n 14:05GMT respectively.

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

DAILY MARKET OUTLOOK on Major
Update Time: 16 Dec 2020 03:00GMT

EUR/USD - 1.2150
Despite yesterday's choppy sideways swings after Mon's retreat from 1.2177 to 1.2122 (New York low Tuesday), as long as sup area at 1.2106/16 holds, upside bias remains, above said 2-1/2 year high at 1.2177 would encourage for resumption of uptrend to 1.2210/20 later.

On the downside, only a daily close below said sup dampens bullishness and risks stronger retracement towards 1.2060 before prospect of rebound.

Data to be released on Wednesday :
New Zealand current account, Australia manufacturing PMI, services PMI, Japan exports, imports, trade balance, Jibun Bank manufacturing PMI.
UK core CPI, CPI, RPI, core RPI, PPI input prices, PPI output prices, PPI core output prices, Markit manufacturing PMI, Markit services PMI, DCLG house price index, France Markit manufacturing PMI, Markit services PMI, Germany Markit manufacturing PMI, Markit services PMI, Italy industrial orders, industrial sales, EU Markit manufacturing PMI, Markit services PMI, construction output, trade balance, labour costs, Canada CPI, wholesale trade.
U.S. MBA mortgage applications, retail sales ex-autos, retail sales, Markit manufacturing PMI, Markit services PMI, business inventories, NAHB housing market index, Federal Reserve interest rate decision.

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

DAILY MARKET OUTLOOK on Major
Update Time: 17 Dec 2020 03:00GMT

EUR/USD - 1.2207
As euro has risen after yesterday's stronger-than-expected retreat from a fresh 2-1/2 year high of 1.2211 (Europe) to 1.2126 in post-FOMC New York, upside bias is retained, however, loss of upward momentum would prevent strong gain to 1.2255/60.

Only below 1.2146 'prolongs' choppy consolidation and risks weakness to 1.2122/26, break would extend to 1.2106.

Data to be released on Thursday :
New Zealand GDP, Australia employment change, unemployment rate.
Swiss trade balance, imports, imports, SNB interest rate decision, France business climate, EU HICP, core HICP, UK BoE interest rate decision, BoE asset purchase program, BoE QE total, BoE QE corporate bond purchases, BoE MPC vote hike, BoE vote unchanged, BoE vote cut.
U.S. building permits, housing starts, initial jobless claims, continued jobless claims, Philadelphia Federal manufacturing index, KC Fed manufacturing index, and Canada new house price index, ADP employment change.

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

DAILY MARKET OUTLOOK on Major
Update Time: 18 Dec 2020 03:00GMT

EUR/USD - 1.2252
Euro's rally above Wed's 1.2211 high (now sup) to a fresh 2-1/2 year peak of 1.2273 in New York due to continued usd's weakness on risk appetite suggests price would head to 1.2315/25 after consolidation, however, near term loss of upward momentum is likely to prevent strong gain today and yield a much-needed minor correction later.

Only below 1.2211 confirms temporary top is made and yields stronger retracement to 1.2177.

Data to be released on Friday :
New Zealand imports, trade balance, exports, Japan nationwide core CPI, nationwide CPI, BoJ interest rate decision.
UK GfK consumer confidence, retail sales, retail sales ex-fuel, CBI trends orders, Germany producer prices, wholesale price index, Ifo business climate, Ifo current conditions, Ifo expectations, EU current account, Italy producer prices.
U.S. current account, leading index change, and Canada new housing price index, retail sales, retail sales ex-autos.

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AceTraderFx Dec 21: Daily Recommendations on Major -EUR/USD

DAILY MARKET OUTLOOK on Major
Update Time: 21 Dec 2020 03:00GMT

EUR/USD - 1.2220
Euro's intra-day weakness to 1.2205 due to broad-based rebound in usd suggests recent uptrend has made a temporary top at Thursday's fresh 2-1/2 year peak at 1.2273 and further weakness can't be ruled out, near term oversold condition may keep price above 1.2177 (previous res, now sup).

On the upside, a firm rise above 1.2258/59 is needed to signal pullback has ended and bring re-test of 1.2273, however, loss of upward momentum should cap price at 1.2310/15 today.

Data to be released today:
New Zealand business outlook, business activities.
Italy trade balance, UK CBI distributive trades.
U.S. Chicago Fed National activity and EU consumer confidence on Monday.

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

DAILY MARKET OUTLOOK on Major
Update Time: 22 Dec 2020 03:00GMT

EUR/USD - 1.2237
Despite yesterday's intra-day erratic fall from 1.2226 (Europe) to 1.2131 on broad-based safe-haven usd buying due to selloff in global stocks, subsequent rally back to as high as 1.2253 in New York on rebound in U.S. stocks suggests pullback from Thursday's fresh 2-1/2 year peak at 1.2273 has ended and resumption of medium-term uptrend to 1.2300/10 is envisaged after consolidation.

On the downside, only below 1.2200/05 'prolongs' volatile trading below 1.2273 and may risk weakness towards 1.2169 but 1.2131 should remain intact.

Data to be released on Tuesday :
Australia retail sales.
Germany GfK consumer sentiment, UK GDP, current account, PSNB, PSNCR, Canada average weekly earnings.
U.S. GDP, PCE, core PCE, redbook, retail sales, existing homes sales, Richmond Fed manufacturing.

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

DAILY MARKET OUTLOOK on Major
Update Time: 23 Dec 2020 03:00GMT

EUR/USD - 1.2167
Despite euro's strong rebound from 1.2131 (Mon) to 1.2256 in Europe yesterday, subsequent selloff to 1.2153 as the greenback caught a bid in New York after upbeat U.S. data suggests further choppy trading below last Thursday's 2-1/2 year peak at 1.2273 would continue with downside bias, below 1.2131 needed to bring stronger correction to 1.2106, then 1.2180/85.

On the upside, only above 1.2256 aborts bearishness and risks re-test of 1.2273, break, 1.2290/00.

On the eco. calendar n the euro area countries, Germany will kick off with import prices, then France's producer prices n Italy's business n consumer confidence.

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