Daily Recommendations on Major -EUR/USD

AceTrader Team AceTrader

DAILY MARKET OUTLOOK on Major
Update Time: 16 Jan 2018 05:30 GMT

EUR/USD - 1.2262
Despite yesterday's resumption of last week's strong ascent to a 3-year high of 1.2297 in European morning, subsequent sideways swings in holiday-thinned North American session due to U.S. market holiday suggests initial range trading would be seen before recent uptrend resumes, weakening of near term upward momentum is likely to cap price at 1.2365/70.

On the downside, only a daily close below 1.2218 (Friday's high, now sup) confirms temporary top is made and risks stronger retracement towards 1.2188.

Data to be released on Tuesday:
New Zealand business confidence, electronic retail sales, Japan corporate goods price index, Germany CPI, HICP, wholesale price index, France budget balance, Italy trade balance, CPI, U.K. DCLG house price, CPI, RPI, PPI, Italy CPI, and U.S. New York Fed manufacturing.

Author

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.

EUR/USD hits two-day highs near 1.1820

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GBP/USD reclaims 1.3600 and above

GBP/USD reverses two straight days of losses, surpassing the key 1.3600 yardstick on Friday. Cable’s rebound comes as the Greenback slips away from two-week highs in response to some profit-taking mood and speculation of Fed rate cuts. In addition, hawkish comments from the BoE’s Pill are also collaborating with the quid’s improvement.

Gold climbs further, focus is back to 45,000

Gold regains upside traction and surpasses the $4,900 mark per troy ounce at the end of the week, shifting its attention to the critical $5,000 region. The move reflects a shift in risk sentiment, driving flows back towards traditional safe haven assets and supporting the yellow metal.

Crypto Today: Bitcoin, Ethereum, XRP rebound amid risk-off, $2.6 billion liquidation wave

Bitcoin edges up above $65,000 at the time of writing on Friday, as dust from the recent macro-triggered sell-off settles. The leading altcoin, Ethereum, hovers above $1,900, but resistance at $2,000 caps the upside. Meanwhile, Ripple has recorded the largest intraday jump among the three assets, up over 10% to $1.35.

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XRP rally extends as modest ETF inflows support recovery

Ripple is accelerating its recovery, trading above $1.36 at the time of writing on Friday, as investors adjust their positions following a turbulent week in the broader crypto market. The remittance token is up over 21% from its intraday low of $1.12.