AceTraderFx: Daily Market Outllook on Major -EUR/USD

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AceTraderFx Dec 19: Daily Recommendations on Major -EUR/USD

DAILY MARKET OUTLOOK on Major
Update Time: 19 Dec 2019 03:30GMT

EUR/USD - 1.1117
Despite the single currency's rise to a 4-month peak at 1.1199 on Friday, subsequent selloff to 1.1112 the same day, then 1.1111 yesterday suggests medium-term upmove has made a temporary top there and consolidation with downside bias remains for stronger retracement to 1.1071, then 1.1050/55 however, support at 1.1041 should remain intact and yield rebound later.

On the upside, only above 1.1185 would revive bullishness for a re-test of said top, break would extend uptrend from October's 2019 trough at 1.0880 to 1.1220/30 later before prospect of correction.

Data to be released on Thursday :
New Zealand GDP, imports, trade balance, exports, Australia employment change, unemployment rate, Japan Bank of Japan interest rate decision.
Swiss trade balance, exports, imports, France business climate, UK retail sales, retail sales ex-fuel, CBI distributive trades, Bank of England MPC vote hike, Bank of England MPC vote unchanged, Bank of England MPC vote cut, Bank of England interest rate decision, Bank of England QE total, Bank of England QE corporate bond purchases.
U.S. current account, initial jobless claims, Philadelphia Fed manufacturing survey, existing home sales, leading indicator, and Canada average weekly earnings, wholesale trade, ADP employment change

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

DAILY MARKET OUTLOOK on Major
Update Time: 20 Dec 2019 03:30GMT

EUR/USD - 1.1123
Despite the single currency's rise to a 4-month peak at 1.1199 on Friday, subsequent selloff to 1.1112 the same day, then 1.1108 yesterday suggests medium-term upmove has made a temporary top there and consolidation with downside bias remains for stronger retracement to 1.1071, then 1.1050/55 however, support at 1.1041 should remain intact and yield rebound later.

On the upside, only above 1.1185 would revive bullishness for a re-test of said top, break would extend uptrend from October's 2019 trough at 1.0880 to 1.1220/30 later before prospect of correction.

Data to be released on Friday :
Japan national CPI, core national CPI, China PBoC interest rate decision.
UK GfK consumer confidence, GDP, current account, PSNB, PSNCR, Germany GfK consumer confidence, France consumer spending, producer prices, Italy MFG business confidence, consumer confidence, producer prices, trade balance, EU current account, consumer confidence.
U.S. GDP, PCE prices, personal income, personal spending, core PCE price index, PCE price index, University of Michigan sentiment, KC Fed manufacturing activity, and Canada new housing price index, retail sales, retail sales ex-autos.

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

DAILY MARKET OUTLOOK on Major
Update Time: 23 Dec 2019 03:30GMT

EUR/USD - 109.46
Despite the single currency's rise to a 4-month peak at 1.1199 in December, subsequent selloff to 1.1067 yesterday suggests medium-term upmove from 1.0880 (October) has made a temporary top there and consolidation with downside bias remains for stronger retracement to 1.1041, then 1.1050/55 however, support at 1.1004 should remain intact and yield rebound later.

On the upside, only above 1.1185 would revive bullishness for a re-test of said top, break would extend uptrend from October's 2019 trough at 1.0880 to 1.1220/30 later before prospect of correction.

Data to be released later today:
Japan all industry activity index, leading indicator, coincident index.
U.S. durable goods, durables ex-transpot, durables ex-defense, building permits, Chicago Fed national activity index, new home sales and Canada GDP on Monday.

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

DAILY MARKET OUTLOOK on Major
Update Time: 24 Dec 2019 03:30GMT

EUR/USD - 1.1093
Despite the single currency's rise to a 4-month peak at 1.1199 in December, subsequent selloff to 1.1067 yesterday suggests medium-term upmove from 1.0880 (October) has made a temporary top there and consolidation with downside bias remains for stronger retracement to 1.1041, then 1.1050/55 however, support at 1.1004 should remain intact and yield rebound later.

On the upside, only above 1.1185 would revive bullishness for a re-test of said top, break would extend uptrend from October's 2019 trough at 1.0880 to 1.1220/30 later before prospect of correction.

Data to be released on Tuesday :
U.S. redbook and Richmond Fed manufacturing index.

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

DAILY MARKET OUTLOOK on Major
Update Time: 27 Dec 2019 03:30GMT

EUR/USD - 1.1108
Despite the single currency's rise to a 4-month peak at 1.1199 in December, subsequent selloff to 1.1067 last Friday suggests medium-term upmove from 1.0880 (October) has made a temporary top there and consolidation with downside bias remains for stronger retracement to 1.1041, then 1.1050/55 however, support at 1.1004 should remain intact and yield rebound later.

On the upside, only above 1.1185 would revive bullishness for a re-test of said top, break would extend uptrend from October's 2019 trough at 1.0880 to 1.1220/30 later before prospect of correction.

Data due out later:
Swiss Investor Sentiment - Dec, Italy Unemployment Rate - Nov, EU Economic Bulletin.

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

DAILY MARKET OUTLOOK on Major
Update Time: 30 Dec 2019 03:30GMT

EUR/USD - 1.1183
Euro's impressive rally on Friday from 1.1095 to as high as 1.1187 (New York) due to broad- based usd's weakness suggests re-test of December's 4-month peak at 1.1199 would be forthcoming next, break there would extend Medium Term upmove towards next daily chart objective at 1.1249 'later'.

On the downside, only a daily close below 1.1144 signals temporary top is made and may risk stronger retracement towards 1.1095.

Economic data to be released later:
Germany retail sales, Swiss KOF indicator, UK BBA mortgage application.
U.S. goods trade balance, wholesale inventories, Chicago PMI, pending home sales, Dallas Fed manufacturing business index on Monday.

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

DAILY MARKET OUTLOOK on Major
Update Time: 31 Dec 2019 03:30GMT

EUR/USD - 1.1204
Euro's rally to a fresh 4-month peak at 1.1222 yesterday on usd's continued weakness suggests upmove from October's 2019 trough at 1.0880 remains in progress and further gain to 1.1249 would be seen, however, loss of upward momentum would keep price below 1.1285 and yield a much-needed correction early next week.

On the downside, only below 1.1144 would indicate a temporary top has been made and risk stronger retracement of aforesaid uptrend to 1.1109/10.

Data to be released on Tuesday :
Japan market holiday, China NBS manufacturing PMI, NBS non-manufacturing PMI.
U.S. redbook, monthly home price, CS home price, consumer confidence.

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

DAILY MARKET OUTLOOK on Major
Update Time: 02 Jan 2020 03:30GMT


EUR/USD - 1.1222
Euro's rally to a fresh 4-1/2 month peak at 1.1239 on Tuesday on usd's continued weakness suggests upmove from October's 2019 trough at 1.0880 remains in progress and further gain to 1.1260 would be seen, however, loss of upward momentum would keep price below 1.1285 and yield a much-needed correction early next week.

On the downside, only below 1.1144 would indicate a temporary top has been made and risk stronger retracement of aforesaid uptrend to 1.1109/10.

There is a slew of manufacturing PMIs to be released from the eurozone today.
Pay particular attention to Germany (08:55GMT) and EU's (09:00GMT) releases. Street forecasts for unchanged readings at 43.4 and 45.9 respectively.

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

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

EUR/USD - 1.1173
Despite euro's rally to a fresh 4-1/2 month peak at 1.1239 on Tuesday on usd's continued weakness, subsequent selloff to as low as 1.1164 yesterday suggests upmove from October's 2019 trough at 1.0880 has made a temporary top there and consolidation with downside bias remains for stronger retracement to 1.1144, then 1.1109 before prospect of a rebound.

On the upside, only above 1.1239 would revive bullishness for further gain to 1.1260/70 but loss of momentum would limit upside to 1.1300/10.

Data to be released on Friday :
Japan market holiday.
UK BRC shop price index, nationwide house price index, Markit construction PMI, France CPI (EU norm), CPI, Swiss manufacturing PMI, Germany unemployment change, unemployment rate, CPI, HICP.
U.S. ISM New York index, construction spending, ISM manufacturing PMI.

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

DAILY MARKET OUTLOOK on Major
Update Time: 06 Jan 2020 03:30GMT

EUR/USD - 1.1166
Despite euro's decline last week from a 4-1/2 month peak of 1.1239 (Tuesday) to as low as 1.1216 on Friday, subsequent strong bounce in New York session to 1.1180 suggests pullback has possibly ended and re-test of said temporary top is now envisaged after consolidation.

On the downside, only below 1.1126 aborts bullish view on euro and risk would shift to the downside for stronger retracement of medium-term upmove towards 1.1067 'later' this week.

Data to be released later today:
Australia AIG manufacturing index, Japan Jibun bank manufacturing PMI, China Caixin manufacturing PMI.
Germany retail sales, Markit services PMI, Italy Markit services PMI, France Markit services PMI, EU Markit services PMI, Sentix index, producer prices, UK Markit services PMI.
U.S. Markit services PMI and Canada producer prices.

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