AceTraderFx: Daily Market Outllook on Major -EUR/USD

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

DAILY MARKET OUTLOOK on Major
Update Time: 14 Oct 2020 03:30GMT

EUR/USD - 1.1748
Despite euro's resumption of upmove from September's 8-week bottom at 1.1613 to a 2-week high at 1.1831 Friday, yesterday's selloff to 1.1732 on usd's broad-based strength suggests temporary top is made an mild downside bias would be seen after consolidation, loss of momentum should keep price above 1.1685 today.

On the upside, only above 1.1800/05 indicates pullback has possibly ended and risks gain to 1.1826/31.

On the calendar front, EU will release industrial production at 09:00 GMT and we have some ECB officials due to speak, please refer to our Economic Indicators page for more details.

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

DAILY MARKET OUTLOOK on Major
Update Time: 15 Oct 2020 03:30GMT

EUR/USD - 1.1748
Although euro's fall from Friday's 2-1/2 week high at 1.1831 to 1.1720 suggests recent upmove from September's 8-week bottom at 1.1613 has made a temporary top, subsequent rebound to 1.1770 in New York, then retreat to 1.1741 in Australia today would bring choppy sideways swings.

Above 1.1770 would head back to 1.1798/03 while below 1.1720 risks another drop to 1.1697/00.

On the data front, we have a slew of data from euro zone today, please refer to our Economic Indicators page for more details. Also, we have ECB President Christine Lagarde scheduled to speak at 16:00 GMT in the online CNBC Debate on the global economy during the IMF/World Bank Annual Meeting.

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

DAILY MARKET OUTLOOK on Major
Update Time: 16 Oct 2020 03:30GMT

EUR/USD - 1.1714
Despite euro's resumption of upmove from September's 8-week trough at 1.1613 to a 2-1/2 week high at 1.1831, yesterday's selloff to 1.1689 in New York on safe-haven usd buying suggests temporary top is made and subsequent rebound would bring choppy sideways swings before prospect of another fall to 1.1660/65, however, oversold condition should keep price above 1.1613.

On the upside, only above 1.1741 indicates low made and risks stronger retracement to 1.1770 before retreat.

On the data front, Italy will kick off with CPI at 08:00 GMT and at 09:00 GMT, we have Italy trade balance and EU trade balance, HICP, core HICP.
Later in New York afternoon, ECB board member Andrea Enria is scheduled to speak at 16:55 GMT.

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

DAILY MARKET OUTLOOK on Major
Update Time: 19 Oct 2020 03:30GMT

EUR/USD - 1.1721
Euro's fall from October's 2-1/2 week high at 1.1831 to 1.1689 last Thursday suggests recent upmove from September's 8-week trough at 1.1613 has made a temporary top and as price has retreated after Friday's rebound to 1.1745 in New York, consolidation with downside bias remains for weakness to 1.1650/55 before prospect of another bounce due to loss of momentum.

On the upside, only above 1.1745 would risk stronger retracement to 1.1770, break, 1.1790/00.

On the calendar front, although EU will only release construction output at 09:00 GMT, we have a couple of ECB officials due to speak with focus on President Christine Lagarde's remarks on monetary policy at the online ECB Conference, which begins at 12:40 GMT at Paris, France.

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

DAILY MARKET OUTLOOK on Major
Update Time: 20 Oct 2020 03:30GMT

EUR/USD - 1.1775
Despite euor's fall from Oct's 2-1/2 week high at 1.1831 to 1.1689 last Thursday, subsequent rebound and yesterday's rally to 1.1793 in New York suggests temporary low is made, above 1.0807/10 would bring re-test of 1.1831, however, loss of momentum may cap price below 1.1870/80.

On the downside, only below 1.1745 indicates recovery has ended instead and risks weakness to 1.1704, break, 1.1689 again.

Data to be released on Tuesday :
New Zealand NZIER confidence, China house prices.
Swiss trade balance, exports, imports, Germany producer prices, EU current account.
U.S. building permits, housing starts, redbook.

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

DAILY MARKET OUTLOOK on Major
Update Time: 21 Oct 2020 03:30GMT

EUR/USD - 1.1833
Yesterday's rally from 1.1761 (Europe) and then break of previous October's 1.1831 high to a 4-week high of 1.1840 in New York due to improved risk sentiment suggests recent upmove from September's 8-week trough at 1.1613 has once again resumed and further headway to 1.1885/90 would be seen after consolidation but overbought condition should cap price below 1.1917.

On the downside, only below 1.1793 indicates temporary top made and risks weakness to 1.1758/61.

Although there will be no data from the euro zone today, we have some Fed officials scheduled to speak later on, please refer to our EI page for more details. Traders should also pay close attention to the development of U.S. coronavirus aid relief negotiations.

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

DAILY MARKET OUTLOOK on Major
Update Time: 22 Oct 2020 03:30GMT

EUR/USD - 1.1850
Although euro has retreated after yesterday's resumption of upmove from September's 8-week trough at 1.1613 to a 1-month high at 1.1880 and range trading would be seen before prospect of another rise to 1.1912/17, however, loss of momentum should cap price below 1.1935 today.

On the downside, only below 1.1820 indicates temporary top is made and risks stronger retracement to 1.1758/61.

On the calendar front, euro zone will release consumer confidence later at 14:00 GMT and we have some ECB officials scheduled to speak, please refer to our EI page for more details.

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

DAILY MARKET OUTLOOK on Major
Update Time: 23 Oct 2020 03:30GMT

EUR/USD - 1.1800
Despite euro's resumption of upmove from September's 8-week 1.1613 bottom to a 1-month peak at 1.1880 on Wednesday, subsequent fall to 1.1812 in New York yesterday, then 1.1788 in Asia today suggests temporary top is made an consolidation with mild downside bias would be seen, oversold condition may keep price above 1.1761 and yield rebound later.

On the upside, above 1.1840/42 would head back to 1.1866, break needed to bring re-test of 1.1880.

Today is PMI day with street forecasts for euro zone Markit manufacturing PMI and Markit services PMI at 53.1 and 47.0 respectively versus prior readings of 53.7 and 48.0.

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

DAILY MARKET OUTLOOK on Major
Update Time: 27 Oct 2020 03:30GMT

EUR/USD - 1.1818
Despite euro's strong rebound from 1.1788 to 1.1864 last Friday, yesterday's retreat to 1.0804 on usd's broad-based strength suggests choppy trading below October's 1-month peak at 1.1880 would continue with downside bias but below 1.1788 needed to head to 1.1761/66 later.

On the upside, only above 1.1847 would risk gain to 1.1864/66, then possibly re-test of 1.1880.

On the data front, only France will release producer price index at 07:45 GMT and traders should keep an eye out for any headlines related to U.S. stimulus talks.

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

DAILY MARKET OUTLOOK on Major
Update Time: 28 Oct 2020 03:30GMT

EUR/USD - 1.1775
Despite euro's resumption of upmove from September's 8-week trough at 1.1613 to a 1-month high of 1.1880 last Wednesday, subsequent erratic fall to 1.1770 in Australia today suggests temporary top is made and weakness to 1.1704/09 would be seen after consolidation but October's 1.1689 low should hold, yield rebound.

On the upside, only above 1.1838 would risk stronger gain to 1.1864/66, break, 1.1880 again.

Data to be released on Wednesday:
Australia CPI, France consumer confidence.
Italy trade balance, producer prices, Swiss investor sentiment.
U.S. MBA mortgage applications, trade balance, wholesale inventories and Canada Bank of Canada interest rate decision.

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