Daily Recommendations on Major - EUR/USD

AceTrader Team AceTrader

DAILY MARKET OUTLOOK on Major
Update Time: 22 May 2019 05:30 GMT

EUR/USD - 1.1165
Despite falling to a marginal 2-week low of 1.1142 (Europe), euro's intra-day cable-led brief bounce to 1.1188 in New York suggests price would 'gyrate' inside recent 1.1265-1.1135 broad range and a daily close above said Tuesday's high would add credence to this consolidative view and would head back to 1.1265, however, reckon 1.1265 would cap upside.

Below 1.1135 any time would risk re-test of April's 22-month bottom at 1.1112, break there would extend Medium Term downtrend to 1.1060/70 later this week.

Data to be released on Wednesday :
New Zealand retail sales, Japan machinery orders, exports, imports, trade balance, UK CPI, RPI, PPI input prices, PPI output prices, PSNB, PSNCR, U.S. MBA mortgage application, FOMC minutes, and Canada retail sales.

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: US Dollar to remain pressured until uncertainty fog dissipates

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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.

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Week ahead: US NFP and CPI data to shake Fed cut bets, Japan election looms

US NFP and CPI data awaited after Warsh’s nomination as Fed chief. Yen traders lock gaze on Sunday’s snap election. UK and Eurozone Q4 GDP data also on the agenda. China CPI and PPI could reveal more weakness in domestic demand.

Three scenarios for Japanese Yen ahead of snap election

The latest polls point to a dominant win for the ruling bloc at the upcoming Japanese snap election. The larger Sanae Takaichi’s mandate, the more investors fear faster implementation of tax cuts and spending plans.

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.