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AceTraderFx Oct 05: Daily Recommendations on Major -EUR/USD
DAILY MARKET OUTLOOK on Major
Update Time: 05 Oct 2022 03:00GMT
EUR/USD - 0.9972
Yesterday's impressive rally from 0.9807 (Asia) to as high as 0.9999 in New York due to broad-based usd's weakness on falling U.S. yields and market's risk-on sentiment suggests recent rise from September's 2-decade trough at 0.9837 remains in progress, however, overbought condition would cap price below res at 1.0050 and risk has increased for a retracement to occur.
On the downside, below 0.9900 signals 1st leg of correction is possibly over and brings weakness towards 0.9853, however, reckon 0.9807 should remain intact.
Data to be released on Wednesday :
Australia services PMI, Japan Jibun bank services PMI, New Zealand RBNA interest rate decision, China market holiday, Germany exports, imports, trade balance, current account.
France industrial output, Italy S n P global services PMI, France S n P global services PMI, Germany S n P global services PMI, EU S n P global services PMI, U.K. S n P global services PMI.
U.S. MBA mortgage application, ADP employment change, international trade balance, goods trade balance, S n P global services PMI, ISM non-manufacturing PMI, Canada building permits, trade balance, exports and imports.
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Update Time: 05 Oct 2022 03:00GMT
EUR/USD - 0.9972
Yesterday's impressive rally from 0.9807 (Asia) to as high as 0.9999 in New York due to broad-based usd's weakness on falling U.S. yields and market's risk-on sentiment suggests recent rise from September's 2-decade trough at 0.9837 remains in progress, however, overbought condition would cap price below res at 1.0050 and risk has increased for a retracement to occur.
On the downside, below 0.9900 signals 1st leg of correction is possibly over and brings weakness towards 0.9853, however, reckon 0.9807 should remain intact.
Data to be released on Wednesday :
Australia services PMI, Japan Jibun bank services PMI, New Zealand RBNA interest rate decision, China market holiday, Germany exports, imports, trade balance, current account.
France industrial output, Italy S n P global services PMI, France S n P global services PMI, Germany S n P global services PMI, EU S n P global services PMI, U.K. S n P global services PMI.
U.S. MBA mortgage application, ADP employment change, international trade balance, goods trade balance, S n P global services PMI, ISM non-manufacturing PMI, Canada building permits, trade balance, exports and imports.
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 update