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AceTraderFx Sept 23: Daily Recommendations on Major -EUR/USD
DAILY MARKET OUTLOOK on Major
Update Time: 23 Sept 2020 03:30GMT
EUR/USD - 1.1687
The single currency's fall below Monday's low at 1.1731 to a near 2-month bottom at 1.1693 yesterday on usd's continued strength suggests decline from September's fresh 2-year peak at 1.2011 has resumed and intra-day break below this level would pressure price to 1.1640/50, however, 1.1601 would contain downside due to loss of momentum and yield a much-needed correction later this week.
On the upside, only above 1.1774 would indicate a temporary trough is made and risk stronger retracement to 1.1797, then 1.12827 before down.
There is a slew of manufacturing and services PMIs due today from the euro area but one should also keep an eye out for Germany's Ifo consumer sentiment at 06:00GMT. Street forecast is -1.0 vs previous reading of -1.8. Elsewhere, Germany's Financie Minister Olaf Scholx will present the 2021 draft budget at 11:00GMT.
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Update Time: 23 Sept 2020 03:30GMT
EUR/USD - 1.1687
The single currency's fall below Monday's low at 1.1731 to a near 2-month bottom at 1.1693 yesterday on usd's continued strength suggests decline from September's fresh 2-year peak at 1.2011 has resumed and intra-day break below this level would pressure price to 1.1640/50, however, 1.1601 would contain downside due to loss of momentum and yield a much-needed correction later this week.
On the upside, only above 1.1774 would indicate a temporary trough is made and risk stronger retracement to 1.1797, then 1.12827 before down.
There is a slew of manufacturing and services PMIs due today from the euro area but one should also keep an eye out for Germany's Ifo consumer sentiment at 06:00GMT. Street forecast is -1.0 vs previous reading of -1.8. Elsewhere, Germany's Financie Minister Olaf Scholx will present the 2021 draft budget at 11:00GMT.
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