Daily recommendations on major – EUR/USD

AceTrader Team AceTrader

Daily market outlook on major

Update Time: 08 Dec 2021 03:00GMT.

EUR/USD - 1.1277

Despite euro's intra-day selloff from 1.1299 and then a brief break of last week's 1.1236 low to 1.1229 in New York, lack of follow-through selling and subsequent rebound suggests further choppy swings above November's 16-month 1.1187 bottom may continue.

On the upside, only above 1.1299 would risk stronger recovery to 1.1320/30 before retreat while below 1.1229 needed to revive bearish prospect of weakness towards 1.1187 later this week.

Data to be released on Wednesday

Japan current account, trade balance, GDP, Eco watchers current, Eco watchers outlook, China exports, imports, trade balance.
France non-farm payrolls, Italy Market Holiday.
U.S. MBA mortgage application, JOLTS job opening and Canada interest rate decision.

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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.

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

Japan's Takaichi secures historic victory in snap election

In Japan, Prime Minister Sanae Takaichi's coalition secured a supermajority in the lower house, winning 328 out of 465 seats following a rare winter snap election. This provides her with a strong mandate to advance her legislative agenda.

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.