AceTraderFx: Daily Market Outllook on Major -EUR/USD

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

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DAILY MARKET OUTLOOK on Major

Update Time: 15 July 2020 03:30GMT

EUR/USD - 1.1410
The single currency's rally to 1.1408 yesterday and intra-day re-test of June's 3-month peak at 1.1422 suggests upmove from 1.0637 (March) would resume after consolidation and extend to 1.1443/45, however, near term loss of momentum would keep price below 2020's peak at 1.1494 and yield a much-needed correction later this week.

On the downside, only below 1.1374 would indicate a temporary top has been made and risk stronger weakness to 1.1340/50 but support at 1.1326 should remain intact.

As there is no major economic data to be released from the eurozone today, market focus is now on the European Central Bank's rate decision on Thursday.

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

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DAILY MARKET OUTLOOK on Major

Update Time: 16 July 2020 03:30GMT

EUR/USD - 1.1416
Although price has retreated after yesterday's rise to a 4-month peak at 1.1451 on improved risk sentiment and minor consolidation would be seen, as said move signals erratic upmove from March's bottom at 1.0637 has resumed, upside bias remains and above 1.1451 would extend to 1.1480/85, however, 2020 peak at 1.1494 should remain intact.

On the downside, only below 1.1374 would indicate a temporary top has been made and risk stronger retracement to 1.1326 before prospect of rebound.

The European Central Bank takes centre stage today as it will announce its interest rate decision at 11:45GMT but market focus will be on President Christine Lagarde's press conference at 12:30GMT, where she will brief on how the central bank's recent policies have helped tackle the region's economy and if any further steps will be needed.

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

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DAILY MARKET OUTLOOK on Major

Update Time: 17 July 2020 03:30GMT

EUR/USD - 1.1391
Despite the single currency's rebound to 1.1442 in post-ECB trading yesterday, subsequent sharp retreat to 1.1371 suggests further choppy trading below Wednesday's 4-month peak at 1.1451 would continue with downside bias and weakness to 1.1340/50 would be seen after consolidation, however, support at 1.1326 should remain intact n yield recovery.

On the upside, only above 1.1442 would revive bullishness for a re-test of aforesaid resistance, break would extend medium-term upmove to 1.1480/85 later.

Data to be released on Friday :
New Zealand manufacturing PMI.
UK GfK consumer confidence, Italy industrial orders, industrial sales, EU construction output, HICP, core HICP, Canada wholesale trade.
U.S. building permits, housing starts, University of Michigan sentiment.

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AceTraderFx July 20: Daily Recommendations on Major -EUR/USD

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DAILY MARKET OUTLOOK on Major

Update Time: 20 July 2020 03:30GMT

EUR/USD - 1.1435
Despite the single currency's retreat from last Wednesday's 4-month peak at 1.1451 to 1.1371 Thursday, subsequent rebound to 1.1443 Friday, then marginally higher to 1.1445 today suggests the pullback has ended and consolidation with upside bias remains for a re-test of aforesaid resistance, break would extend Medium Term upmove to 1.1470/75, however, loss of momentum would keep price below 2020 peak at 1.1494 and yield correction.

On the downside, only below 1.1371 would indicate a temporary top has been made and risk stronger retracement to 1.1326.

Germany will release its produce prices at 06:00GMT but market focus will remain on the EU leaders summit which is set to resume at 04:15GMT after going on a break.

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

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DAILY MARKET OUTLOOK on Major

Update Time: 21 July 2020 03:30GMT

EUR/USD - 1.1462
The single currency's rise to a fresh 4-month peak at 1.1467 yesterday on optimism of progress made on the EU recovery fund at the summit suggests erratic upmove from March's trough 1.0637 remains in progress and gain towards 2020 peak at 1.1494 is envisaged, however, loss of momentum would keep price below 1.1510/15 and yield a much-needed correction later this week.

On the downside, only below 1.1371 would indicate a temporary top has been made and risk stronger retracement to 1.1340/50 later.

In the absence of major economic data from the eurozone today, one should pay attention to comments from ECB Vice President Luis de Guindos at 13:30GMT

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

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DAILY MARKET OUTLOOK on Major

Update Time: 22 July 2020 03:30GMT

EUR/USD - 1.1532
The single currency's rise to a 1-1/2 year peak at 1.1539 on usd's broad-based weakness signals medium-term upmove remains in progress and further gain to 1.1570/75 would be seen after consolidation, however, overbought condition would keep price below 1.1600/10 and yield a much-needed correction later this week.

On the downside, only below 1.1469 would indicate a temporary top has been made and risk stronger retracement to 1.1424/25, then 1.1403 before prospect of rebound.

In the absence of major economic data from the eurozone today, pay attention to comments from ECB President Christine Lagarde at 13:15GMT.

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

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DAILY MARKET OUTLOOK on Major

Update Time: 23 July 2020 03:30GMT

EUR/USD - 1.1568
Although price has eased after euro's rally to a 21-month peak at 1.1601 yesterday and minor consolidation would be seen, as said move signals erratic upmove from 2020 trough at 1.0637 (March) has resumed, upside bias remains and above 1.1601 would extend to 1.1621. However, loss of momentum would keep price below 1.1653 and yield a much-needed correction later.

On the downside, only below 1.1508 would indicate a temporary top has been made and risk would increase for stronger retracement to 1.1403 later this month.

Data to be released on Thursday :
Japan market holiday, Australia NAB business confidence.
Germany GfK consumer sentiment, France business climate, UK CBI trends orders.
U.S. initial jobless claims, continued jobless claims, leading index change, KC Fed manufacturing index, and EU consumer confidence.

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

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DAILY MARKET OUTLOOK on Major

Update Time: 24 July 2020 03:30GMT

EUR/USD - 1.1608
The single currency's rise to a fresh 21-month peak at 1.1626 yesterday on usd's broad-based weakness due to falling U.S. stocks and yields suggests medium-term upmove remains in progress and further gain to 1.1650/53 would be seen after consolidation, however, loss of momentum would keep price below 1.1687/90 and yield a much-needed correction early next week.

On the downside, only below 1.1541 would indicate a temporary top has been made and risk would increase for a stronger retracement to 1.1508.

Data to be released on Friday :
New Zealand imports, trade balance, exports, Australia services PMI, manufacturing PMI, Japan market holiday.
UK GfK consumer confidence, retail sales, retail sales ex-fuel, Markit manufacturing PMI, Markit services PMI, France Markit manufacturing PMI, Markit services PMI, Germany Markit manufacturing PMI, Markit services PMI, Italy manufacturing business confidence, consumer confidence, trade balance, EU Markit manufacturing PMI, Markit services PMI.
U.S. building permits, Markit manufacturing PMI, Markit services PMI, new home sales.

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

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DAILY MARKET OUTLOOK on Major

Update Time: 27 July 2020 03:00GMT

EUR/USD - 1.1663
The single currency's rise to a 22-month peak at 1.1658 new New York closing on Friday and intra-day break of this resistance signals medium-term upmove remains in progress and further gain to 1.1687/90 would be seen after consolidation, however, loss of momentum would keep price below 1.1730/34 and yield a much-needed correction later this week.

On the downside, only below 1.1582 would indicate a temporary top has been made and risk stronger retracement to 1.1541 later.

Pay attention to the release of Germany Ifo business climate, current conditions and expectations at 08:00GMT. Street forecasts are 89.3, 85.3 and 93.2 vs previous readings of 86.2, 81.3 and 91.4 respectively.

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ceTraderFx July 28: Daily Recommendations on Major -EUR/USD

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DAILY MARKET OUTLOOK on Major

Update Time: 28 July 2020 03:30GMT

EUR/USD - 1.1764
The single currency's rise to a fresh 22-month peak at 1.1781 yesterday on usd's broad-based weakness suggests upmove from March's 3-year bottom at 1.0637 remains in progress and further gain to 1.1815 would be seen after consolidation, however, loss of momentum would keep price below 1.1840/50 and yield a much-needed correction.

On the downside, only below 1.1683 would indicate a temporary top has been made and risk stronger retracement to 1.1626/30 later.

Data to be released on Tuesday :
UK CBI distributive trades, and U.S. redbook, CaseShiller home price, consumer confidence, Richmond Fed manufacturing index.

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