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  #161  
Old 03-09-2019, 16:23
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Default Re: Daily Market Analysis by ForexMart

EUR/USD Daily Analysis: September 3, 2019

Price movement in the EUR/USD pair is intriguing as it recovered instead of a breakdown, which is unexpected by traders and oftentimes occur much later and outside the range.

We cannot be so sure that this would not be the case, although this is possible. One scenario is the oversold state of the EUR/USD pair for a while now. While trading in a range, this gives a signal for the possibility of a pullback. However, the pair is likely to move in the oversold zone for some time.

With the euro declining against other bearish currencies, it will be not ideal to search for a pullback towards the medial levels, which was the case last year. The common currency also trades against the lows of the Swiss franc and Japanese yen. As for the case of the sterling pound, it is still pressured with the ongoing Brexit negotiation.

I assume that it is highly likely for the attempts for recovery to be faced by the sellers instead of a pullback. We can wait for the resistance to reach at 1.0979 and then a bounce to 1.0911. Nonetheless, no purchases at the present descending motion signals for a technical breakdown but sustained break to 1.1050 opposes a breakout.
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  #162  
Old 04-09-2019, 14:59
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EUR/USD Daily Analysis: September 4, 2019

Yesterday, the main level above is at 1.1050. A sustained downward trend from the seller would confirm the descend.

The short-term momentum is leaning to the upside. Yesterday, The currency pair showed a bullish candle on the daily chart, which we should look into. In case the pair closes around 1.100 by the end of the day, this will signal further upward movement in the short-term.

It seems that the recovery of the major British pound adds pressure to the US dollar that overshadows the EUR/USD pair. Although, we must also keep in mind that the volatility of Sterling can rise by the end of the week amid the political uncertainty with Brexit.

Overall, the euro major pair shows a strong uptrend after yesterday’s low. For short-term, it is bullish but extending it a bit shows a bearish outlook. In the meantime, sellers could make use of the recovery.
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  #163  
Old 05-09-2019, 16:42
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Default Re: Daily Market Analysis by ForexMart

EUR/USD Daily Analysis: September 5, 2019

Today, ADP data from the US will be published, which will give an initial outlook on the current state of the job market in August. Other than that, some PMI data will be released during the North American session that can also induce volatility. So far, analysts anticipate a continuous growth for the reports. Important talks will take place in early October.

On Friday, data on Non-Farm Payroll is scheduled and this will have a bigger impact on the market. Of course, concerns on China-US trade war will still affect the price movement as well.

The rally yesterday continued and formed a bullish candlestick pattern on the daily chart. Overall, the technical outlook shows a breakdown, which is contradicting to the bullish indicator.

The direction of the pair in the major resistance level will be relative to the reaction of the market in the current price movement. Important psychological levels are 1.1033 and 1.1053, which shows important support to the pair in August that can become an obstacle for the price to rise.
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  #164  
Old 06-09-2019, 18:23
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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 Fed’s 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.

Today’s 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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