AceTraderFx: Daily Market Outllook on Major -EUR/USD

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

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DAILY MARKET OUTLOOK on Major

Update Time: 30 June 2020 03:30GMT

EUR/USD - 1.1238
Despite the single currency's strong rebound from last Thursday's low at 1.1191 to 1.1288 yesterday, subsequent retreat to 1.1220 suggests the recovery has ended and consolidation with downside bias remains for a re-test of 1.1191, below would bring weakness towards last Monday's 2-1/2 week trough at 1.1169, where a break would extend decline from June's 3-month peak at 1.1422 towards 1.1116.

On the upside, only above 1.1288 would abort daily bearishness and risks stronger gain to 1.1320/30 but resistance at 1.1348 should remain intact.

There is a slew of data to be released from Italy and France today. One should also pay attention to comments from ECB board member Isabel Schnabel at 13:00GMT and ECB Vice-President Luis de Guindos at 15:00GMT.

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

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DAILY MARKET OUTLOOK on Major

Update Time: 02 July 2020 03:30GMT

EUR/USD - 1.1253
Despite the single currency's retreat from Monday's high at 1.1288 to 1.1186 yesterday, subsequent rally to 1.1275 in New York suggests recent decline from last Tuesday's high at 1.1348 has made a temporary low there and consolidation with upside bias would be seen for stronger gain to 1.1.288, then 1.1325, however, aforesaid resistance should hold on 1st testing and yield retreat.

On the downside, only below 1.1186 would revive bearishness for a re-test of last Monday's 2-1/2 week trough at 1.1169, break, 1.1145/50.

EU will release its unemployment rate at 09:00GMT. Street forecast is 7.7%, up from previous reading of 7.3%. Elsewhere, ECB's Executive Board Member Yves Mersch is scheduled to speak at 13:00GMT.

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

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DAILY MARKET OUTLOOK on Major

Update Time: 03 July 2020 03:30GMT

EUR/USD - 1.1239
Despite the single currency's gain to 1.1302 yesterday, subsequent selloff to 1.1224 in post-NFP trading suggests recovery from Wednesday's low at 1.1186 has ended there and choppy trading below last Tuesday's high at 1.1348 would continue with downside bias and weakness to 1.1204 would be seen, however, said support at 1.1186 should hold on first testing.

On the upside, only above 1.1275 would dampen daily bearishness and risk stronger gain to 1.1288, then 1.1302 before prospect of down.

There is a slew of services PMI to be released from the eurozone but one should pay particular attention to Germany and EU's release at 07:55GMT and 08:00GMT respectively.

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

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DAILY MARKET OUTLOOK on Major

Update Time: 06 July 2020 03:30GMT

EUR/USD - 1.1262
Despite the single currency's sharp retreat from last Thursday's high at 1.1302 to 1.1220, subsequent rebound suggests further choppy trading above last Wednesday's low at 1.1186 would continue with upside bias and gain to 1.1288 is likely to be seen, however, said 1.1302 resistance should remain intact and yield retreat later.

On the downside, only below 1.1220 would revive bearishness for weakness to 1.1186, break would extend recent decline from 1.1348 towards 1.1169 (June).

Pay attention to the release of EU retail sales at 09:00GMT. Street forecasts for mm and yy are 15.0% and -22.3% vs previous readings of -11.7% and -19.6% respectively.

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

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DAILY MARKET OUTLOOK on Major

Update Time: 07 July 2020 03:30GMT

EUR/USD - 1.1312
Although the single currency has retreated after yesterday's rally to 1.1345 and minor consolidation would be seen in Asia, as said move signals a re-test of previous resistance at 1.1348 is forthcoming, upside bias remains and above 1.1348 would extend upmove from 1.1169 (June) to retrace decline from June's 3-month peak at 1.1422 to 1.1383, then 1.1400/10 later, however, said top should hold on first testing.

On the downside, only below 1.1275/82 would indicate a temporary top has been made and risk stronger retracement to 1.1250/52.

Pay attention to release of Germany industrial output at 06:00GMT. Street forecasts for mm and yy are 10.0% and -11.0% vs previous readings of -17.9% and -25.2% respectively. ECB board member Fabio Panetta is also scheduled to speak at a virtual meeting of the European Parliament at 06:15GMT.

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

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DAILY MARKET OUTLOOK on Major

Update Time: 08 July 2020 03:30GMT

EUR/USD - 1.1275
Although the single currency has retreated after Monday's rally to 1.1345 and minor consolidation would be seen, as 1.1260 has contained downside in Europe yesterday, bullishness remains and above 1.1345 would bring a re-test of 1.1348, break would signal recent erratic upmove from 1.1169 (June) has resumed and extend 1.1383/85 later.

On the downside, only below 1.1275/82 would indicate a temporary top has been made and risk stronger retracement to 1.1250/52.

Data to be released later :
Swiss unemployment rate.
U.S. MBA mortgage applications and Canada housing starts.

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

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DAILY MARKET OUTLOOK on Major

Update Time: 09 July 2020 03:30GMT

EUR/USD - 1.1340
The single currency rally from yesterday's low at 1.1263 and then marginal break of previous daily resistance at 1.1348 to 1.1351 signals erratic upmove from 1.1169 (June) has once again resumed and further gain to 1.1380/83 would be seen, however, June's 3-month peak at 1.1422 would hold on first testing and yield retreat later.

On the downside, only below 1.1307 would indicate a temporary top has possibly been made and risk stronger weakness to 1.1260/63.

Data to be released on Thursday :
UK RICS housing price balance, Japan machinery orders, machine tool orders, China PPI, CPI, Germany exports, imports, trade balance, current account, Canada leading index, housing starts, and U.S. initial jobless claims, continued jobless claims, wholesale inventories, wholesale sales

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

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DAILY MARKET OUTLOOK on Major

Update Time: 10 July 2020 03:30GMT

EUR/USD - 1.1281
Despite resumption of recent upmove to a fresh 3-week high of 1.1371 (Europe) in Thursday, subsequent selloff to as low as 1.1281 as the greenback caught a bid in New York due to safe-haven buying suggests temporary top is made and consolidation with downside bias is seen for weakness to 1.1260, oversold condition should keep euro above 1.1220 sup.

On the upside, only above 1.1348/51 signals pullback has possibly ended and risks re-test of 1.1371 but 1.1398/03 should cap upside today.

Data to be released on Friday :
New Zealand retail sales, Japan corporate goods price index, France industrial output, Italy industrial output, U.S. PPI, core PPI, and Canada employment change, unemployment rate.

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AceTraderFx July 13: Daily Recommendations on Major -EUR/USD

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DAILY MARKET OUTLOOK on Major

Update Time: 13 July 2020 03:30GMT

EUR/USD - 1.1308
Although euro's decline from last Thursday's 3-week high at 1.1371 to as low as 1.1256 Friday suggests further volatile trading below June's peak at 1.1422 would continue, subsequent rebound to 1.1324 in New York would bring consolidation with upside bias, however, above 1.1348/51 res is needed to bring re-test of 1.1371.

On the downside, only below 1.1256 shifts risk to downside for stronger retracement for recent 'erratic' rise from 1.1169 (Jun) to 1.1220 before prospect of rebound later this week.

There is no eco. data due out from the euro area countries today, however, we have ECB member Panetta participating via videoconference in an exchange of views with the Euro Accession Countries Working Group of the Committee on Economic and Monetary Affairs of the European Parliament at 09:30 GMT.

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

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DAILY MARKET OUTLOOK on Major

Update Time: 14 July 2020 03:30GMT

EUR/USD - 1.1342
The single currency's rally to 1.1371 last Thursday and then marginally higher to 1.1374 yesterday suggests erratic upmove from 1.1169 (June) has resumed and subsequent retreat would yield range trading before prospect of another rise, however, June's 3-month peak at 1.1422 should hold on first testing and yield pullback later.

On the downside, only below 1.1302 would indicate a temporary top has been made instead and risk stronger weakness to 1.1256/60.

There is a slew of economic data to be released from the eurozone today but one should pay particular attention to Germany's ZEW economic sentiment and economic conditions at 09:00GMT. Street forecasts are 60.0 and -65.0 vs previous readings of 63.4 and -83.1 respectively.

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