Daily Recommendations on Major - EUR/USD

AceTrader Team AceTrader

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

EUR/USD - 1.1585
Although yesterday's rally in Europe due to broad-based usd's weakness and then gain to session highs of 1.1606 in New York morning on downbeat U.S. retail sales suggests pullback from Fri's 10-day high at 1.1610 has ended and recent upmove from last Tuesday's 7-week trough at 1.1432 would extend marginal gain, 'loss of upward momentum' would cap euro below res at 1.1651.

On the downside, below 1.1535 (Fri low) signals correction from 1.1432 has ended and would yield weakness towards 1.1480 later this week.

Data to be released later on Tuesday:
Germany import price, ZEW economic sentiment, ZEW current conditions, Italy industrial orders, industrial sales, CPI, CPI (EU norm), trade balance, UK ILO unemployment rate, employment change, average weekly earnings, DCLG house price index, EU trade balance.
U.S. PCE, redbook, industrial production, capacity utilization, manufacturing output, JOLTS job openings, NAHB housing market index.

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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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