Daily Recommendations on Major - EUR/USD

AceTrader Team AceTrader

DAILY MARKET OUTLOOK on Major
Update Time: 16 Dec 2019 03:30GMT

EUR/USD - 1.1126
Despite the single currency's cable-led rise to a 4-month peak at 1.1199 on Friday, subsequent selloff to 1.1112 suggests medium-term upmove has made a temporary top there and consolidation with downside bias remains for stronger retracement to 1.1104, then 1.1071, however, support at 1.1041 should remain intact and yield rebound later this week.

On the upside, only above 1.1185 would revive bullishness for a re-test of said top, break would extend uptrend from October's 2019 trough at 1.0880 to 1.1220/30 later before prospect of correction.

Data to be released today:
Australia manufacturing PMI, services PMI, Japan Jibun Bank manufacturing PMI, industry activity.
U.K. Rightmove house price index, Markit manufacturing PMI, Markit services PMI, CBI trends survey, China industrial output, house prices, retail sales, industrial production, France Markit manufacturing PMI, Markit services PMI, Germany Markit manufacturing PMI, Markit services PMI, Italy consumer prices, CPI (EU norm), EU Markit manufacturing PMI, Markit services PMI, labour costs.
U.S. New York Fed manufacturing, Markit manufacturing PMI, Markit services PMI, NAHB housing market on Monday.

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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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