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AceTraderFx May 02: Daily Recommendations on Major -EUR/USD
DAILY MARKET OUTLOOK on Major
Update Time: 02 May 2019 06:00 GMT
EUR/USD - 1.1206
Despite euro's resumption of upmove from last Friday's 22-month bottom at 1.1112 to a 12-day high at 1.1265 after Fed's unchanged rate decision, intra-day selloff to 1.0189 due to usd's broad-based rally following Fed J. Powell's less dovish comments signals 1st leg of correction is over and choppy consolidation with downside bias is seen ahead of Friday's key U.S. jobs report.
As long as 1.1230 holds, stronger retracement to 1.1141/46 is likely before rebound.
Only a daily close above 1.1230 risks re-test of 1.1265 but loss of momentum should cap euro well below 1.1300.
On the data front, Germany will kick off with retail sales, Italy's Markit mfg PMI, then the same data from France, Germany and the EU. French and German FinMins will address a press conference in Paris at 09:30GMT, then later ECB board member Jens Weidmann and ECB executive board member and chief economist Peter Praet will speak at 17:30GMT.
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Update Time: 02 May 2019 06:00 GMT
EUR/USD - 1.1206
Despite euro's resumption of upmove from last Friday's 22-month bottom at 1.1112 to a 12-day high at 1.1265 after Fed's unchanged rate decision, intra-day selloff to 1.0189 due to usd's broad-based rally following Fed J. Powell's less dovish comments signals 1st leg of correction is over and choppy consolidation with downside bias is seen ahead of Friday's key U.S. jobs report.
As long as 1.1230 holds, stronger retracement to 1.1141/46 is likely before rebound.
Only a daily close above 1.1230 risks re-test of 1.1265 but loss of momentum should cap euro well below 1.1300.
On the data front, Germany will kick off with retail sales, Italy's Markit mfg PMI, then the same data from France, Germany and the EU. French and German FinMins will address a press conference in Paris at 09:30GMT, then later ECB board member Jens Weidmann and ECB executive board member and chief economist Peter Praet will speak at 17:30GMT.
AceTrader - Best Intra-day Forex Trading Strategies
AceTrader has been in Forex market since 1984, with proven analytical approach used by professionals and real-time updates