EUR/USD advances ahead of Draghi’s speech

The EUR/USD is trading above 1.1750, advances from the lows seen earlier The US is planning a new broadside against China as the tariffs are being implemented. ECB President Draghi speaks later. 

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US President Donald Trump announced new tariffs on China for $200 billion worth of goods. They will come into effect on September 24th. China has announced its retaliation plan. Previous duties were on only $50 billion of products, and the move impacts a significant chunk of global trade.

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A Fed's hike is priced in, hints on December's action will be critical

The EUR/USD pair advanced for a second consecutive week, hit its highest since mid-June at 1.1802 as the American dollar suffered all through the week, but entered sell-off mode Thursday, as resurgent risk-appetite played against the greenback, as the escalation of the trade war with tit-for-tat tariffs, was not as feared.



Yohay Elam

The GBP/USD is licking its wounds after UK PM May sent it lower on Friday and as reports of a snap election are a concern. Where can cable fall to?

The Technical Confluences Indicator shows that the GBP/USD is struggling around 1.3075 which is a dense congestion of levels including the Simple Moving Average 5-4h, the SMA 10-15m, the SMA 50-15m, the Bolinger Band 15m-Middle, and the BB 15m-Lower among others.

Looking down, the pair has some support around 1.3028 where we see the BB-4h, the SMA 100-4h, the BB one-day Middle, and more. However, this is a weak support line.

Stronger support awaits at 1.2988 which is the confluence of the SMA 50-one-day, the Pivot Point one-day Support 1, and the PP one-week Support 1.

On the upside, we see some resistance at 1.3110 which is the Fibonacci 23.6% one-day.

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