EUR/USD and GBP/USD Forecast September 11, 2020

by birtanpublished on October 2, 2020

from
daily forex this is chris taking a look
at the
um euro and the pound and you can see
that the euro did rally a bit during the
training session a lot of this
would have been due to the um
ecb meeting and we shot up towards 119
and at this point i think what we are
seeing
uh is 119 offering a lot of resistance
you know we're starting to see cracks in
the ice here in the euro
is kind of what i'm getting at i think
in the next 24 hours or so
to be very uh crucial
i don't like the idea of putting a trade
on
heading into the weekend and i don't
think a lot of people will as well
um 117 should be supportive 119 should
be resistance
and unfortunately the resistance extends
all the way to 120 so i need to see a
daily close above 120 to start buying
again
at least right now now that of course
can change but we are starting to see a
lot of concern out there when it comes
to the global
growth scenario and that's not good for
the euro so british pound got
absolutely hammered during the trading
session this was due to
the eu threatening lawsuits against the
uk
if they leave without a deal you know
it's the usual strong arm threatening
type of
stuff but the problem is we're now back
in that brexit nonsense
and that's what this has all been about
so it's going to be one threat after
another and
eventually what's going to happen is
traders will realize that you really
can't do anything about it i mean
at the end of the day armies settle
these things not
lawyers so
i suspect what we're gonna see is a down
day on friday and then
an attempt at a recovery so in other
words probably a step away from this one
as well
you need daily candlesticks to give you
the signal and
even then you can see that we had this
beautiful hammer we broke above the
hammer which is technically a buy signal
and they just
tanked that's the way this pair is going
to behave you need
half the position size double the stop
loss that's just the way this is going
to be
i suspect until this end of this year
maybe we are entering another one of
these phases

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