AceTraderFx: Daily Market Outllook on Major -EUR/USD

[acetraderfx]

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

DAILY MARKET OUTLOOK on Major
Update Time: 21 May 2020 03:30GMT

EUR/USD - 1.0975
Yesterday's gain to a near 3-week high of 1.0999 due to broad-based usd's weakness in New York suggests re-test of May's 1.1018 peak may be seen, however, loss of upward momentum should prevent strong gain and reckon 1.1040/50 would cap upside and yield a much-needed correction of recent rise.

A daily close below 1.0919 signals top is in place, then risk would shift to downside for stronger retracement to 1.1896, then towards 1.0850 next week.

Data to be released on Thursday:
Australia manufacturing PMI, services PMI, Japan exports, imports, trade balance, Jibun Bank manufacturing PMI.
France market holiday, Markit manufacturing PMI, Markit services PMI, Germany market holiday, Markit manufacturing PMI, Markit services PMI, Swiss market holiday, EU Markit manufacturing PMI, Markit services PMI, UK manufacturing PMI, services PMI, CBI trends orders.
Canada new housing price index, and U.S. initial jobless claims, Philadelphia Fed manufacturing index, Markit manufacturing PMI, Markit services PMI, existing home sales, leading index change.

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[acetraderfx]

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

DAILY MARKET OUTLOOK on Major
Update Time: 22 May 2020 03:30GMT

EUR/USD - 1.0950
Despite resumption of recent strong rise to a fresh 3-week high of 1.1008, failure to re-test May's 1.1018 peak and subsequent retreat to 1.0938 (New York) suggests consolidation with downside bias is in store, below 1.0938 would bring stronger retracement towards 1.0896, however, reckon 1.0850 should remain intact.

Only above 1.1008/18 res extends marginal gain, however, loss of upward momentum should limit gain to 1.1050/55 and risk is seen for a correction to occur next week.

On the data front, after release of large number of EZ data earlier this week, no eco data is due out today, however, pay attention to release of the minutes of last ECB monetary policy meeting at 11:30GMT which may move the euro a little bit.

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[K_Robdog]

This is a nice thread. I'm looking forward to trading EURUSD this week.

 

[acetraderfx]

AceTraderFx May 25: Daily Recommendations on Major - EUR/USD

DAILY MARKET OUTLOOK on Major
Update Time: 25 May 2020 03:30GMT

EUR/USD - 1.0907
Euro's decline from last Thursday's near 3-week high of 1.1008 to 1.0886 on Friday due to renewed usd's strength suggests choppy trading below May's peak at 1.1018 would continue and downside bias remains for further weakness to 1.0850 but reckon 1.0800/05 should hold from here.

On the upside, only a daily close above 1.0938 signals pullback has possibly ended, then risk would shift to the upside for stronger gain, however, 1.1008 is expected to remain intact.

Data to be released today :
Japan leading indicator, coincident index.
UK market holiday, Germany GDP. Ifo business climate, Ifo current conditions, Ifo expectation.
U.S. market holiday on Monday.

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[acetraderfx]

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

DAILY MARKET OUTLOOK on Major
Update Time: 26 May 2020 03:30GMT

EUR/USD - 1.0900
Euro's decline from last week's 1.1008 high to 1.0871 yesterday suggests recent erratic rise from May's 1.0767 bottom has made a top there and despite subsequent rebound to 1.0914 after upbeat German Ifo data, outlook remains mildly bearish for weakness to 1.0850 but loss of momentum should keep price above 1.0800/05.

Only a daily close above 1.0938 signals pullback has ended instead, then risk is seen for stronger gain towards 1.0976.

Data to be released on Tuesday :
New Zealand imports, trade balance, exports, Japan total industrial activity index.
German GfK consumer sentiment, Swiss trade balance, exports, imports, non-farm payrolls, France business climate, UK CBI distributive trades.
U.S. building permits, national activity index, monthly home price, CaseShiller home price index, consumer confidence, new home sales, Dallas Fed manufacturing business index.

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[acetraderfx]

AceTraderFx May 26: Intra-Day News and Views & data to be released today- EUR/USD

Intra-Day Market Moving News and Views
Update Time: 26 May 2020 04:30GMT

EUR/USD - 1.0913.. Euro climbs in tandem with cable in active Asian trading as the greenback receives intra-day bashing (except vs the yen) on renewed but could well be short-lived risk appetite.

Yesterday's short-covering rebound from 1.0871 to 1.0914 after German business sentiment beat forecast suggests early decline from last Thursday's near 3-week peak at 1.1008 has made a temp. low n range trading with near term upside bias is seen ahead of European open.
Some bids are noted at 1.0895/90 with stops below 1.0870 while offers are tipped at 1.0910/20 with some stops above there, more stops are touted above 1.0940.

On the data front, we have Germany's GfK consumer sentiment and then France's business climate. ECB's chief economist Lane will participate in a virtual IIF European Conference at 12:45GMT.
.
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[acetraderfx]

AceTraderFx May 26: Daily Recommendations on Major – USD/JPY

DAILY MARKET OUTLOOK on Major
Update Time: 26 May 2020 09:30GMT

USD/JPY - 107.83
Dollar's bounce from last Friday's low at 107.33 to 107.92 in Asia today suggests correction from last Tuesday's 108.08 high has ended and consolidation with upside bias remains, above said resistance would extend recent upmove from May's 7-week trough at 105.99 to 108.52/59.

On the downside, below 107.63 would risk stronger retracement to 107.33/35 before rebound.

U.S. markets will re-open after Mon's Memorial Day holiday n the U.S. will release a slew economic data (see our EI page for details). We also have Minneapolis Fed President Kashkari speaking later today at 17:00GMT.

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[acetraderfx]

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

DAILY MARKET OUTLOOK on Major
Update Time: 27 May 2020 03:30GMT

EUR/USD - 1.0971
Euro's impressive rise from Monday's 1.0871 low to 1.0995 yesterday due to broad-based usd's weakness suggests re-test of May's peak at 1.1018 would be seen after consolidation, above would extend early upmove from Apr's bottom at 1.0728 towards 1.1067 'later' this week.

On the downside, below 1.0914 (previous res, now sup) would abort present bullish view and risk another fall towards 1.0871.

On the data front, the only eco. data due out is from France where business climate and consumer confidence are due out at 05:30GMT and 06:45GMT respectively. ECB Preisent Lagarde will speak at a non-financial event at 07:30GMT while other ECB members are also scheduled to speak later (see EI page for details).

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[acetraderfx]

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

DAILY MARKET OUTLOOK on Major
Update Time: 28 May 2020 03:30GMT

EUR/USD - 1.1022
As euro has risen after intra-day strong retreat from Wed's 7-week peak of 1.1030 to 1.0956 (New York), suggesting recent erratic rise from 1.0728 (April low) may extend marginal gain, however, 'loss of upward momentum' would cap price at 1.1060/70 and yield a much-needed correction of aforesaid rise.

Below 1.0935 (Wednesday low) anytime signals temporary top is made and yields stronger retracement towards 1.0871.

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

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[acetraderfx]

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

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

EUR/USD - 1.1080
Although euro's resumption of recent erratic upmove to a near 2-month high of 1.1093 due to usd's weakness suggests further gain is likely after consolidation, a breach above 1.1147 res needed to signal an 'upside break' of recent 1.0637-1.1147 broad range has occurred and would then head to 1.1200/10 next week.

On the downside, a daily close below 1.1030 would be the 1st signal temporary top is made, then risk is seen for a much-needed retracement to 1.0992, then later towards 1.0935.

Data to be released on Friday :
Japan Tokyo core CPI, CPI, unemployment rate, industrial output, retail sales, construction orders, housing starts, consumer confidence.
UK GfK consumer confidence, nationwide hose prices index, Germany import prices, retail sales, France consumer spending, GDP, CPI (EU norm), CPI, producer prices index, Swiss KOF indicator, Italy GDP, consumer price index, CPI (EU norm), EU HICP, core HICP, U.S. personal income, personal spending, core PCE price index, PCE price index, goods trade balance, wholesale inventories.
Chicago PMI, University of Michigan sentiment, and Canada GDP, producer prices, budget balance.

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