AceTraderFx: Daily Market Outllook on Major -EUR/USD

[acetraderfx]

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

DAILY MARKET OUTLOOK on Major
Update Time: 24 May 2021 03:00GMT

EUR/USD - 1.2180
Euro's decline from 1.2239 (Asia) to 1.2162 Fri after upbeat U.S. PMI data suggests choppy trading below Wednesday's 4-1/2 month peak at 1.2245 would continuous with downside bias, a firm break of 1.2161 (reaction low) would signal a long-overdue correction of recent upmove has taken place, however, reckon 1.2104/07 would contain weakness.

Only above 1.2210/15 prolongs volatile sideways swings and may risk another rise back to 1.2240/45 but loss of upward momentum should cap price at 1.2270/80.

No eco. data is due out today, however, we have ECB board member McCaul speaking at a conference at 13:00GMT.

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[Forexathome]

I’m still eying the buys, thinking the January high of 1.235 for TP. Watching the 1.225 level closely though

 

[acetraderfx]

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

DAILY MARKET OUTLOOK on Major
Update Time: 25 May 2021 03:00GMT

EUR/USD - 1.2225
Yeeterday's rise from 1.2173 to 1.2229 (New York) due to renewed usd's weakness on return of risk sentiment suggests choppy trading inside recent 1.2245-1.2161 range would continue with upside bias, above 1.2245 would extend recent upmove from 1.1705 (March) to marginally higher, however, loss of upward momentum would cap price at 1.2300.

On the downside, only below 1.2161 shifts risk to the downside for a stronger correction to 1.2127, then later 1.2104/07.

Data to be released on Tuesday:
Germany GDP, Ifo business climate, Ifo current conditions, Ifo expectations, UK PSNB GBP, PSNCR GBP, CBI distributive trades.
U.S. building permits, redbook, monthly home price, consumer confidence, new home sales, Richmond Fed's manufacturing index.

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[acetraderfx]

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

DAILY MARKET OUTLOOK on Major
Update Time: 26 May 2021 03:00GMT

EUR/USD - 1.2249
Euro's retreat from Tue's fresh 4-1/2 month peak of 1.2266 (New York) would bring initial consolidation before prospect of marginal gain, however, loss of upward momentum is expected to cap price below daily res at 1.2309 and yield a long-overdue correction.

A daily close below 1.2227 (NY low) would be first signal temporary top is made and yield weakness to 1.2087, then 1.2161/62.

Data to be released on Wednesday :
New Zealand imports, trade balance, exports, RBNZ rate decision, Australia construction work done, Japan coincident index, leading indicator.
France business climate, consumer confidence, Swiss investor sentiment.
U.S. MBA Mortgage.

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[acetraderfx]

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

DAILY MARKET OUTLOOK on Major
Update Time: 27 May 2021 03:00GMT

EUR/USD - 1.10171.2187
Yesterday's selloff from 1.2262 (Asia) to as low as 1.2183 due to broad-based usd's rebound in New York strongly suggests euro's recent upmove has made a temporary top at Tue's fresh 4-1/2 month peak at 1.2266 and consolidation with downside bias remains for weakness towards 1.2161 sup, a daily close below there would yield stronger retracement towards 1.2127.

Only above 1.2240/45 may risk re-test of 1.2266, however, 'loss of momentum' should limit gain to 1.2280/90.

Data to be released on Thursday :
Australia capital expenditure, building capex.
Germany Gfk consumer sentiment, Swiss trade balance, exports, imports, non-farm payrolls, Italy business confidence, consumer confidence, trade balance.
U.S. durable goods, durable ex-transport, durable ex-defence, GDP, PCE prices, initial jobless claims, Continuous jobless claims, pending home sales, KC Fed manufacturing, Canada average weekly earnings.

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[acetraderfx]

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

DAILY MARKET OUTLOOK on Major
Update Time: 28 May 2021 03:00GMT

EUR/USD - 1.2192
Euro's decline from Tuesday's fresh 4-1/2 month peak at 1.2266 to as low as 1.2176 (Asia) yesterday suggests recent upmove has made a temporary top there and subsequent sideways swings in New York would bring initial consolidation before down, a daily close below previous good sup at 1.2261 would pressure price towards 1.2127 early next week.

Only above 1.2235/40 dampens daily bearish view and may risk another rise back to 1.2262/66 which should hold on 1st testing.

Ahead of release of U.S. key inflation data later today, we have date dump from the euro area, pls refer to our Economic Indicator page for details n pay attention to EU's bus. cimate n eco. sentiment at 09:00GMT.
ECB President Largade n Board member Panetta will participate in virtual G7 FinMin n cenbank Governors' meeting.
We also have ECB's Villeroy and Enria speaking at 07:00GMT and 11:00GMT respectively

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[acetraderfx]

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

DAILY MARKET OUTLOOK on Major
Update Time: 31 May 2021 03:00GMT

EUR/USD - 1.2194
Despite euro's resumption of decline from last Tuesday's 4-1/2 month peak of 1.2266 to a near 2-week trough of 1.2133 Friday, subsequent strong bounce in New York due to broad-based usd's weakness on falling U.S. yields suggests 1st leg of correction over and 1-2 days of sideways swings are in store.

Expect intra-day recovery to falter below 1.2245 and yield retreat but below 1.2133 needed to extend said fall to 1.2104/07.

On the data front, we have some inflation data from the euro area countries, Italy will kick off with CPI and then we have Germany's CPI n HICP. London market is closed for Spring Bank Holiday.

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[acetraderfx]

AceTraderFx Jun 01: Daily Recommendations on Major -EUR/USD

DAILY MARKET OUTLOOK on Major
Update Time: 01 Jun 2021 03:00GMT

EUR/USD - 1.2228
Although euro's strong rebound from 1.2133 (Friday) to 1.2231 yesterday suggests 1st leg of correction from May's 4-1/2 month peak at 1.2266 has ended, near term overbought condition would prevent strong gain and yield retreat, below 1.2184 needed to head back towards 1.2231.

Only above 1.2266 extends recent upmove to 1.2280/90 before prospect of a correction later this week.

Today is PMI day in the euro area countries, please refer to our EI page for details of a slew of eco. data.
Pay attention to German n EU's mfg PMIs, if actual readings come in stronger than street forecast, the euro will head north.

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[acetraderfx]

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

DAILY MARKET OUTLOOK on Major
Update Time: 02 Jun 2021 03:00GMT

EUR/USD - 1.2222
Despite euro's strong rise from last week's low of 1.2133 (Friday) to 1.2254 in New York morning yesterday, subsequent retreat to 1.2212 due to broad-based rebound in the greenback suggests further volatile trading below May's 4-1/2 month peak at 1.2266 would continue with downside bias, below 1.2204 would add credence to this view but 1.2133 should remain intact.

Only above 1.2254 aborts bearish view and risks re-test of 1.2266, however, loss of upward momentum would cap price below 1.2300 today and yield correction.

Data to be released on Wednesday :
New Zealand terms of trade, import prices, export prices.
UK BRC shop price index, Australia GDP, Italy market holiday, Germany retail sales, France budget balance, EU producer prices.
U.S. MBA mortgage applications, redbook, and Canada building permits.

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AceTrader has been in Forex market since 1984, with proven analytical approach used by professionals and real-time update

 

[acetraderfx]

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

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

EUR/USD - 1.2210
Although euro's decline from 1.2254 (Tuesday) to 1.2165 yesterday suggests further choppy trading below May's 4-1/2 month peak at 1.2266 would continue, subsequent rebound due to falling U.S. yields signals volatile swings inside recent 1.2266-1.2133 range would be seen before a possible breakout occurs after Friday's release of key U.S. jobs data.

As long as 1.2254 holds, downside bias remains but only below 1.2165 would head back towards 1.2133 whilst above 1.2254 risks re-test of 1.2266, break extends recent upmove to 1.2290/00 later.

Data to be released on Thursday :
Australia AIG construction index, services PMI, retail sales, trade balance, imports, exports, Japan services PMI, China Caixin services PMI.
Germany market holiday, Markit services PMI, Swiss market holiday, Italy Markit services PMI, France Markit services PMI, EU Markit services PMI, UK Markit services PMI.
U.S. ADP employment change, initial jobless claims, continued jobless claims, labor costs, productivity, Markit services PMI, ISM non-manufacturing PMI.

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