DAILY MARKET OUTLOOK on Major
Update Time: 23 Jan 2019 06:30 GMT
EUR/USD - 1.1362
Despite euro's resumption of recent decline from Jan's 11-week peak of 1.1570 to 1.1336 in New York morning, subsequent rebound suggests temporary low is possibly made and consolidation with upside bias is in store, a firm break above 1.1391 would add credence to this view and bring stronger gain to 1.1427, however, reckon res at 1.1455 should hold.
Only below 1.1336 risks marginal weakness, however, loss of downward momentum should keep price above Jan's bottom at 1.1310 and yield an overdue correction of aforesaid fall.
Expect more range trading ahead of Thursday's key ECB monetary policy announcement n ECB Draghi's press conference, eurozone eco. calendar is pretty light today with France's business climate and Italy's PPI being the only data due out.
Trendsetter does not warrant or guarantee the accuracy, timeliness or completeness to its service or information contained therein. Trendsetter does not give, whatsoever, warranties, expressed or implied, to the results to be obtained by using its services or information it provided. Users are trading on their own risk and Trendsetter shall not be responsible under any circumstances for the consequences of such activities. Trendsetter and its affiliates, in no event, be liable to users or any third parties for any consequential damages, however arising, including but not limited to damages caused by negligence whether such damages were foreseen or unforeseen.
Recommended Content
Editors’ Picks
EUR/USD stabilizes near 1.0800 as trading action turns subdued
EUR/USD holds steady near 1.0800 on Thursday and remains on track to end the day in negative territory following upbeat macroeconomic data releases from the US. The action in financial markets turn subdued as trading volumes thin out heading into Easter holiday.
GBP/USD extends sideways grind above 1.2600
GBP/USD fluctuates in a narrow channel above 1.2600 on Thursday. The better-than-expected Initial Jobless Claims data from the US and the upward revision to the Q4 GDP growth help the USD stay resilient against its rivals and limits the pair's upside.
Gold pulls away from daily highs, holds above $2,200
Gold retreats from daily highs but holds comfortably above $2,200 in the American session on Thursday. The benchmark 10-year US Treasury bond yield stays near 4.2% after upbeat US data and makes it difficult for XAU/USD to gather further bullish momentum.
XRP price falls to $0.60 support as Ripple ruling doesn’t help Coinbase lawsuit against SEC
XRP programmatic sales ruling by Judge Torres was completely rejected by another US Court that ruled in favor of the SEC in a lawsuit against Coinbase.
Portfolio rebalancing and reflation trades emerge into Q2
Yesterday’s price action pointed at a possible end-of-quarter portfolio rebalancing as the session saw the laggards of the quarter like Apple and Tesla gain, and the stars like Microsoft and Nvidia retreat.