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Old 06-09-2019, 18:23
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KostiaFM KostiaFM is offline
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Default Re: Daily Market Analysis by ForexMart

EUR/USD Daily Analysis: September 6, 2019

So far, the euro is moving lower after publishing the U.S. Non-Farm Payrolls report, which would weigh on Fedís decision regarding the interest rate in September. Furthermore, this would reflect the stability of the economy.

The main trend is descending on the daily chart. However, the momentum shows its movement rising since the price reversal bottom formed at 1.0926 on September 3.

A breakthrough to 1.1164 could shift the trend higher. However, if it moves towards 1.0926 instead, then this will oppose the closing price reversal boot and indicate the continuation of a downward trend.

The main range between 1.1164 and 1.0926 with the retracement zone at 1.1045 to 1.1073 offering as a resistance. This limits the short-term movement of the EUR/USD pair. Buyers could test the short-term range at 1.0926-1.1085 in hopes to reach for a much higher bottom with the retracement zone at 1.1005 to 1.0987 as the probable support.

Todayís price movement will depend on the reaction of traders at the price range of 1.1045-1.1046 and currently, the price is at 1.1029.

If the price remains below the 1.1045, this would mean the presence of sellers and could push the short-term price by 50% at 1.1005 with the next support around 1.0987 to 1.0986. However, moving past the area of 1.0985 would cause the pair to descend around 1.0956 and 1.0941 before the main bottom of 1.0926.

On the other hand, a price movement higher than 1.1046 would indicate the presence of buyers and could bring the price upward with the next target at 1.1073 to 1.1074 and then to 1.1085. It could further rise to 1.1119, which is a potential pint for upward movement.
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