AceTraderFx: Daily Market Outllook on Major -EUR/USD

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

DAILY MARKET OUTLOOK on Major
Update Time: 04 Mar 2019 05:30 GMT

EUR/USD - 1.1368
Despite euro' rally to as high as 1.1420 last Thursday, subsequent retreat to 1.1353 Friday on dollar's broad-based strength suggests erratic upmove from February's low at 1.1234 has made a temporary top there and consolidation with downside bias remains for stronger retracement towards 1.1345, then 1.1316, however, loss of momentum would keep price above 1.1275 and yield rebound later.

On the upside, only above 1.1409 would revive bullishness for a re-test of 1.1420, break would extend towards 1.1473 before prospect of correction.

Pay attention to the release of EU PPI at 10:00GMT.
Street forecast for MM and YY are 0.3% n 2.9% vs prev. readings of -0.8% and 3.0% respectively.

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

DAILY MARKET OUTLOOK on Major
Update Time: 05 Mar 2019 05:30 GMT

EUR/USD - 1.1334
The single currency's selloff to 1.1309 yesterday suggests upmove from February's low at 1.1234 has made a temporary top at 1.1420 last Thursday and consolidation with downside bias remains for stronger retracement to 1.1275, however, over sold condition would keep price above 1.1258/60 and yield a much-needed rebound later this week.

On the upside, only above 1.1395 would indicate aforesaid pullback has ended instead and risk gain towards 1.1409, then 1.1420 later.

There is a slew of services PMI to be released from the euro area today but one should also pay attention to EU retail sales at 10:00GMT. Street forecasts for mm and yy are 1.2% and 1.9% vs previous readings of -1.6% and 0.8% respectively.

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Daily Recommendations on Major -EUR/USD

DAILY MARKET OUTLOOK on Major
Update Time: 06 Mar 2019 06:30 GMT

EUR/USD - 1.1300
The single currency's selloff to 1.1309 Monday, then to 1.1290 yesterday suggests upmove from February's low at 1.1234 has made a temporary top at 1.1420 last Thursday and consolidation with downside bias remains for stronger retracement to 1.1275, however, over sold condition would keep price above 1.1258/60 and yield a much-needed rebound later this week.

On the upside, only above 1.1395 would indicate aforesaid pullback has ended instead and risk gain towards 1.1409, then 1.1420 later.

Data to be released on Wednesday :
Japan household spending, Australia GDP, U.S. MBA mortgage application, ADP employment change, trade balance, Fed's Beige Book, and Canada trade balance, exports, imports, labor productivity, BoC interest rate decision, Ivey PMI.

 

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

DAILY MARKET OUTLOOK on Major
Update Time: 07 Mar 2019 05:30 GMT

The single currency's selloff to 1.1290 Tuesday, then to 1.1286 yesterday suggests upmove from February's low at 1.1234 has made a temporary top at 1.1420 last Thursday and consolidation with downside bias remains for stronger retracement to 1.1275, however, over sold condition would keep price above 1.1258/60 and yield a much-needed rebound later this week.

On the upside, only above 1.1395 would indicate aforesaid pullback has ended instead and risk gain towards 1.1409, then 1.1420 later.

Data out on Thursday :
Australia AIG construction index, retail sales, trade balance, imports, exports, Japan coincident index, leading indicator.
Swiss unemployment rate, UK Halifax house price, Italy retail sales, EU employment change, GDP, ECB interest rate decision, ECB deposit rate decision, ECB Draghi press conference.
U.S. initial jobless claims, productivity and Canada building permits.

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

DAILY MARKET OUTLOOK on Major
Update Time: 08 Mar 2019 05:30 GMT

EUR/USD - 1.1190
Although price has stabilised after yesterday's spectacular selloff from 1.1321 to a fresh 20-month trough at 1.1177 as ECB postponed its rate hike and introduced a new round of TLTROs and minor consolidation would be seen before Medium Term decline resumes towards 1.1140/50, reckon oversold condition would keep price above 1.1100/10 and yield a much-needed correction early next week.

On the upside, only above 1.1286 would indicate a temporary low has been made and risks stronger retracement towards 1.1321/26 before another retreat.

Since there is no major economic data due today from the eurozone, traders are likely to focus on yesterday's events to send the pair lower.

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AceTraderFx Mar 11: Daily Recommendations on Major -EUR/USD

DAILY MARKET OUTLOOK on Major
Update Time: 11 Mar 2019 05:30 GMT

EUR/USD - 1.1224
Although price has rebounded after last Thursday's spectacular selloff from 1.1321 to a fresh 20-month trough at 1.1177 on a dovish ECB and minor consolidation would be seen before MT decline resumes towards 1.1140/50, reckon oversold condition would keep price above 1.1100/10 and yield a much-needed correction early next week.

On the upside, only above 1.1286 would indicate a temporary low has been made and risks stronger retracement towards 1.1321/26 before another retreat.

Since there is no major eco. data due today, investors should keep an eye on the eur/gbp cross due to potential Brexit related headlines in the lead up to tomorrow's vote in UK's Parliament.

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AceTraderFx Mar 12: Daily Recommendations on Major -EUR/USD

DAILY MARKET OUTLOOK on Major
Update Time: 12 Mar 2019 05:30 GMT

EUR/USD - 1.1259
Although price has rebounded after last Thursday's spectacular selloff to a fresh 20-month trough at 1.1177 on ECB's dovish forward guidance and minor consolidation would be seen before Medium Term decline resumes towards 1.1140/50, reckon oversold condition would keep price above 1.1100/10 and yield a much-needed correction early next week.

On the upside, only above 1.1286 would indicate a temporary low has been made and risks stronger retracement towards 1.1321/26 before another retreat.

Market focus is now on Brexit related headlines as UK PM May holds a meaningful vote on her Brexit plan in the House of Commons. Hence, traders should keep an eye on the eur/gbp cross.

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

DAILY MARKET OUTLOOK on Major
Update Time: 14 Mar 2019 05:30 GMT

EUR/USD - 1.1325
The single currency's rise to 1.1339 in near New York close yesterday suggests medium-term decline has made a temporary low at last Thursday's 20-month trough at 1.1177 and consolidation with upside bias remains for stronger retracement towards 1.1350/55 would be seen, however, loss of momentum would keep price below 1.1370/75 and yield retreat early next week.

On the downside, only below 1.1249 would indicate aforesaid recovery has ended instead and risk would increase for stronger weakness towards 1.1222.

Data to be released on Thursday :
UK RICS housing survey, Germany CPI, HICP, Swiss producer/import price, France CPI, U.S. building permits, import prices, initial jobless claims, new home sales, and Canada new housing price index.

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

DAILY MARKET OUTLOOK on Major
Update Time: 15 Mar 2019 05:30 GMT

EUR/USD - 1.1319
The single currency's rise to 1.1341 yesterday suggests medium-term decline has made a temporary low at last Thursday's 20-month trough at 1.1177 and consolidation with upside bias remains for stronger retracement towards 1.1350/55 would be seen, however, loss of momentum would keep price below 1.1370/75 and yield retreat early next week.

On the downside, only below 1.1249 would indicate aforesaid recovery has ended instead and risk would increase for stronger weakness towards 1.1222.

There is a slew of economic data to be released from the eurozone today but traders should pay attention to the release of EU final inflation figures at 10:00GMT. Street forecasts for mm and yy are 0.3% and 1.5% vs previous readings of -1.0% and 1.5%.

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AceTraderFx Mar 18: Daily Recommendations on Major - EUR/USD

DAILY MARKET OUTLOOK on Major
Update Time: 18 Mar 2019 05:30 GMT

EUR/USD - 1.1324
The single currency's rise to 1.1345 last Friday suggests medium-term decline has made a temporary low at last March's 20-month trough at 1.1177 and consolidation with upside bias remains for stronger retracement towards 1.1350/55 would be seen, however, loss of momentum would keep price below 1.1370/75 and yield retreat early next week.

On the downside, only below 1.1249 would indicate aforesaid recovery has ended instead and risk would increase for stronger weakness towards 1.1222.

Data to be released today:
Japan exports, imports, trade balance, industrial production, capacity utilization.
UK Rightmove house price, EU trade balance, and U.S. NAHB housing market index on Monday.

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