Daily Recommendations on Major EUR/USD

AceTrader Team AceTrader

DAILY MARKET OUTLOOK
Update Time: 09 Dec 2016 04:10 GMT

EUR/USD - 1.0617
Despite yesterday's anticipated resumption of this week's rise and intra-day brief jump up a 3-week peak of 1.0875 after ECB extended its QE programme but reduced stimulus, subsequent selloff on broad-based euro selling and then break of previous 1.0699 sup to as low as 1.0598 in New York session confirms correction from Monday's 20-month bottom at 1.0505 has ended and consolidation with downside bias remains for re-test of said temporary low next week.

On the upside, only a move back above 1.0699 (now res) would prolong volatile consolidation and may risk stronger retracement of Thur's decline to 1.0735/40.

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AceTrader Team

AceTrader

Led by world-renowned technical analyst Wilson Leung, we have a team of 7 analysts monitoring the market and updating our recommendations and commentaries 24 hours a day.

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