Things you should know about forex pairs to quick setups
|U.S. Session Brief, Sept 09 - Things You Should Know about Forex Pairs to quick Setups!
On Monday, the forex market remains pretty smooth, as investors wait for the market to settle against the weekend updates and they also try to secure positions against sure-shot moves. Stocks markets and other risky securities began relative composed despite figures published on Sunday, which conferred China's exports unanticipatedly contracted with sales to the US, falling 16% as trade wars grumble.
EUR/USD - Descending Triangle Pattern, Wait for Breakout
The single currency Euro hasn't changed much against the U.S. dollar as investors await ECB policy decision this week. The European Central bank is scheduled to meet on Thursday, and traders will actively look to understand what policymakers might do.
The odds of aggressive easing have been raising considering the series of weak economic data from the Eurozone. The question is whether they will support through on what the market is looking for.
The EUR/USD pair has also gained enough support from the labor market reports. The labor market report from the United States dispensed a less than expected rise in the number of employed people in August. The unemployment rate persisted stable while average hourly earnings ticked up last month to come in ahead of forecast.
EUR/USD - Daily Technical Analysis
The Fiber has formed a descending triangle pattern which supporting the EUR/USD around 1.1015 along with resistance around 1.1070.
So, here's a thing. The violation of 1.1020 can trigger a sharp sell-off until 1.0960 and 1.0940. The RSI and Stochastic are holding in the neutral zone, which isn't suggesting.
EUR/USD - Technical Levels
Support Resistance
1.1012 1.1049 1.0997
1.1072 1.096 1.111
Pivot Point 1.1035
EUR/USD - Daily Trade Sentiment
Considering the ECB meeting on Thursday, the investors are holding positions in EUR/USD as they are optimistic that ECB will bring something that drives betterment in life. The EUR/USD is likely to exhibit a bearish trend below and bullish above1.1035.
GBP/USD - Fibonacci Retracement In-Play
The GBP/USD pair jumped dramatically to place a high around 1.2385 as investors awaited for the UK GDP figures. After declining in the second quarter, the Sterling is facing pressure on the system.
GDP in the United Kingdom was even for the three months to July and expanded 0.3% every month. The British economic figures remained broadly above forecasts as manufacturing, and industrial production also hit the analyst forecast. The data appears to imply that the British economy is still stronger than expected.
Besides, the Brexit uncertainties will tend to continue dominating Sterling fluctuations. During the previous week, political developments caused volatile deviations in the GBP/USD. Prime Minister Johnson had a significant failure in Parliament as a bill enacted that effectively allows lawmakers to block a no-deal exit. Johnson seems persistent nevertheless to provide a door by October 31. Based on his fresh news, I think he will retaliate. That is the reason why the volatile swings in the currency are far from over.
GBP/USD - Daily Technical Analysis
The Cable is trading neutral after placing a high of around 1.2390, as investors seem to wait for a big event to drive movement. Looking at the 4-hour timeframe, the GBP/USD has formed a Doji pattern which may induce a slight bearish change in the GBP/USD.
GBP/USD - Technical Levels
Support Resistance
1.2264 1.233 1.2238
1.237 1.2171 1.2436
Pivot Point 1.2304
GBP/USD - Daily Trade Sentiment
The GBP/USD is likely to exhibit bullish trend above 1.2310, and continuation of this can extend the bullish trend until 1.2280. I will be looking to take a sell position below 1.2320 to target at least 1.22750 today.
Best wishes for the U.S. session!
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.