Daily Recommendations on Major - EUR/USD

AceTrader Team AceTrader

DAILY MARKET OUTLOOK on Major
Update Time: 26 Aug 2019 05:30 GMT

EUR/USD - 1.1144
Despite euro's fall to a 3-week bottom at 1.1052 on Fri, subsequent rally to 1.1153 in New York on escalation in U.S.-China trade war, then to 1.1164 today suggests volatile trading above August's 26-month trough at 1.1028 would continue with upside bias.

On the downside, only below 1.1099 would risk weakness to 1.1064/67 before prospect of rebound.

Today is the final day of the 3-day G7 leaders' summit in France. On the data front, pay attention to release of key German Ifo business climate, current conditions and expectations, street forecasts are looking for weaker readings from previous readings due to recent recessions fears in Germany, however, euro bulls should buy eur/usd on dips.

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AceTrader Team

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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 hovers around nine-day EMA above 1.1800

EUR/USD remains in the positive territory after registering modest gains in the previous session, trading around 1.1820 during the Asian hours on Monday. The 14-day Relative Strength Index momentum indicator at 54 is edging higher, signaling improving momentum. RSI near mid-50s keeps momentum balanced. A sustained push above 60 would firm bullish control.

GBP/USD holds medium-term bullish bias above 1.3600

The GBP/USD pair trades on a softer note around 1.3605 during the early European session on Monday. Growing expectation of the Bank of England’s interest-rate cut weighs on the Pound Sterling against the Greenback.

Gold sticks to gains above $5,000 as China's buying and Fed rate-cut bets drive demand

Gold surges past the $5,000 psychological mark during the Asian session on Monday in reaction to the weekend data, showing that the People's Bank of China extended its buying spree for a 15th month in January. Moreover, dovish US Federal Reserve expectations and concerns about the central bank's independence drag the US Dollar lower for the second straight day, providing an additional boost to the non-yielding yellow metal.

Bitcoin, Ethereum and Ripple consolidate after massive sell-off

Weekly column: Saturn-Neptune and the end of the Dollar’s 15-year bull cycle

Tariffs are not only inflationary for a nation but also risk undermining the trust and credibility that go hand in hand with the responsibility of being the leading nation in the free world and controlling the world’s reserve currency.

Bitcoin, Ethereum and Ripple consolidate after massive sell-off

Bitcoin, Ethereum, and Ripple prices consolidated on Monday after correcting by nearly 9%, 8%, and 10% in the previous week, respectively. BTC is hovering around $70,000, while ETH and XRP are facing rejection at key levels. Traders should be cautious: despite recent stabilization, upside recovery for these top three cryptocurrencies is capped as the broader trend remains bearish.