AceTraderFx: Daily Market Outllook on Major -EUR/USD

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AceTraderFx Dec 24: Daily Recommendations on Major -EUR/USD

DAILY MARKET OUTLOOK on Major
Update Time: 24 Dec 2020 03:00GMT

EUR/USD - 1.2198
Although euro's early rally from 1.2131 to 1.2253 on Monday, then 1.2256 (Tuesday) signals correction from December's fresh 2-1/2 year peak at 1.2273 has ended, subsequent retreat to 1.2153 and then yesterday's cable-led bounce to 1.2220 suggests further daily sideways swings inside 1.2273-1.2131 range would continue, probably for rest of this week.

Wednesday's cable-led usd's weakness suggests upside bias remains today but only a daily close above 1.2256 would bring re-test of 1.2273, then 1.2300/10.
Only below 1.2153 risks re-test of 1.2131, break yields stronger retracement to 1.2100/05.

Data to be released on Thursday :
Australia market holiday.
Germany market holiday and Canada building permits.

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AceTraderFx Dec 28: Daily Recommendations on Major -EUR/USD

DAILY MARKET OUTLOOK on Major
Update Time: 28 Dec 2020 03:00GMT

EUR/USD - 1.2189
Despite euro's strong rebound last week from 1.2131 to as high as 1.2256 (Tue), subsequent retreat suggests further volatile swings below Dec's 2-1/2 year peak at 1.2273 would continue, however, as long as 1.2131 holds, upside bias remains, above 1.2256 would encourage for re-test of 1.2273.

Only below 1.2131 shifts risk to the downside for a stronger correction to 1.2106 but 1.2085/90 should contain weakness.

No eco. data is due out from the euro area countries today.

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

DAILY MARKET OUTLOOK on Major
Update Time: 29 Dec 2020 03:00GMT

EUR/USD - 1.2226
Despite euro's initial gain to 1.2250 in European morning on Monday, subsequent strong retreat to 1.2192 ahead of New York open suggests further volatile swings below Dec's 2-1/2 year peak at 1.2273 would continue with downside bias, however, reckon 1.2131 (last week's reaction low on Monday) should remain intact and yield another rise later this week.

A daily close above 1.2250 would encourage for resumption of recent uptrend to projected target at 1.2305.

Data to be released on Tuesday:
U.S. redbook and CaseShiller home price.

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

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

EUR/USD - 1.2290
Euro's intra-day firm break above Tue's fresh 2-1/2 year high at 1.2275 (New York) confirms medium-tern uptrend from 2020 bottom at 1.0637 (march) remains in progress, however, near term overbought condition is likely to cap price below projected res at 1.2330/40 today and risk has increased for a correction to take place later today or tomorrow.

On the downside, only a daily close below 1.2237 signals temporary top is in place and yields stronger retracement towards 1.2092.

Data to be released on Wednesday:
Germany retail sales, UK nationwide house price, Swiss KOF indicator, investor sentiment.
U.S. trade balance, wholesale inventories, Chicago PMI, pending home sales.

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

DAILY MARKET OUTLOOK on Major
Update Time: 31 Dec 2020 03:00GMT

EUR/USD - 1.2306
Yesterday's gain to a 33-month high of 1.2309 (New York) on renewed usd's broad-based weakness suggests euro's medium-term uptrend from 2020 bottom at 1.0637 (March) would head to 1.2345/55, however, near term weakening of upward momentum is expected to cap price below 1.2390/00.

On the downside, only below 1.2253 (European low Wednesday) may risk stronger retracement towatds 1.2192.

Data to be released on Thursday:
Japan market holiday, China NBS non-manufacturing PMI, NBS manufacturing PMI.
U.S. initial jobless claims, continued jobless claims.

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

DAILY MARKET OUTLOOK on Major
Update Time: 04 Jan 2021 03:00GMT

EUR/USD - 1.2242
The single currency's selloff from last Wednesday's fresh 33-month peak at 1.2309 to 1.2210 Thursday suggests Medium Term upmove has made a temporary top there and consolidation with downside bias remains for stronger retracement to 1.2195, then 1.2160/65, however, support at 1.2131 should remain intact and yield a much-needed rebound later.

On the upside, only above 1.2275 would indicate aforesaid pullback has ended and risk stronger gain to 1.2300/05 would be seen but 1.2309 may hold on 1st testing.

There is a slew of manufacturing PMIs to be released from the eurozone today.
Pay particular attention to Germany's at 08:55GMT and EU's at 09:00GMT.

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

DAILY MARKET OUTLOOK on Major
Update Time: 05 Jan 2021 03:00GMT

EUR/USD - 1.2256
Despite euro's re-test of last Wednesday's fresh 2-1/2 year peak at 1.2309 in New York yesterday, subsequent sharp retreat suggests Medium Term upmove is not ready to resume yet and choppy trading below there would continue with mild downside bias, however, last Thursday's reaction low at 1.2210 should remain intact and yield another rebound later.

On the upside, only above 1.2309 would revive bullishness for one more rise to 1.2334/40, then 1.2355/60 before prospect of a much-needed correction.

Pay attention to the release of Germany unemployment change and unemployment data at 08:55GMT. Street forecasts are 10k and 6.1% vs previous readings of -39k and 6.1% respectively.

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

DAILY MARKET OUTLOOK on Major
Update Time: 06 Jan 2021 03:00GMT

EUR/USD - 1.2296
Despite euro's re-test of last Wednesday's fresh 2-1/2 year peak at 1.2309 in New York on Monday, subsequent sharp retreat to 1.2242 suggests Medium Term upmove is not ready to resume yet and choppy trading below there would continue with mild downside bias, however, last Thursday's reaction low at 1.2210 should remain intact and yield another rebound later.

On the upside, only above 1.2309 would revive bullishness for one more rise to 1.2334/40, then 1.2355/60 before prospect of a much-needed correction.

Data to be released on Wednesday :
Japan Jibun Bank services PMI, consumer confidence, China Caixin services PMI.
UK BRC shop price index, Markit services PMI, France consumer confidence, CPI (EU norm), CPI, Markit services PMI, Italy Markit services PMI, Germany Markit services PMI, CPI, HICP, EU Markit services PMI, producer prices.
U.S. MBA mortgage applications, ADP national employment, Markit services PMI, durables ex-defense, durable goods, factory orders, durables ex-transportation.

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

DAILY MARKET OUTLOOK on Major
Update Time: 07 Jan 2021 03:00GMT

EUR/USD - 1.2331
Despite euro's selloff from yesterday's fresh 32-month peak at 1.2349 to 1.2267, subsequent strong rebound in late New York on usd's weakness due to political turmoil in Washington suggests the pullback has ended and Medium Term upmove would resume after consolidation and above 1.2349 would extend marginally, however, 1.2368/70 may limit upside due to loss of momentum and yield correction.

On the downside, only below 1.2267 would revive bearishness for stronger retracement to 1.2254, then 1.2242 but support at 1.2210 should hold.

Data to be released on Thursday :
Australia building permits, trade balance, imports, exports.
Germany industrial orders, Swiss retail sales, UK Markit construction PMI, Italy CPI, CPI (EU norm), EU HICP, core HICP, retail sales, business climate, economic sentiment, industrial sentiment, services sentiment, consumer confidence.
U.S. trade balance, initial jobless claims, continued jobless claims, ISM non-manufacturing PMI, and Canada trade balance, exports, imports, Ivey PMI.

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

DAILY MARKET OUTLOOK on Major
Update Time: 08 Jan 2021 03:00GMT

EUR/USD - 1.2257
The single currency's selloff from 1.2345 to as low as 1.2246 yesterday suggests Medium Term upmove has made a temporary top at Wednesday's 2-1/2 year peak at 1.2349 and consolidation with downside bias remains for stronger retracement to 1.2210, however, 1.2180/90 should remain intact due to near term loss of momentum and yield a much-needed rebound later.

On the upside, only above 1.2309 would indicate aforesaid pullback has ended instead and risk gain to 1.2325, then 1.2349 early next week.

Data to be released on Friday :
Japan all household spending, coincident index, leading economic index.
Swiss unemployment rate, Germany industrial output, exports, imports, trade balance, current account, France consumer spending, current account, industrial output, trade balance, imports, exports, UK Halifax house prices, Italy unemployment rate, EU unemployment rate.
U.S. non-farm payrolls, private payrolls, unemployment rate, average earnings, wholesale inventories, wholesale sales, and Canada employment change, unemployment rate

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