Trading recommendations for EUR/USD on September 4

Analysis of transactions

Long positions from 1.1834 brought about 25 points of profit in EUR/USD. The main reason for this price increase is the steady pressure in USD, created by weak ISM report for the US non-manufacturing sector.

Today, an important report for the US labor market is scheduled to be published, and it may affect the rate of EUR/USD in the market. A weak reading will lead to a sharp rise in the euro, while a recovery in the indicators will bring demand back to the US dollar.

Set long positions from 1.1865 (green line on the chart) to 1.1911, and take profit at the price level 1.1865. A weak indicator for the US labor market will decrease dollar demand even more, which will lead to a rise in EUR/USD in the market. As for shorts, only good data on the US labor market will lead to a decline in the pair, and in such a case, sell shorts at price level 1.1831 (red line on the chart) to price level 1.1779. Take profit at 1.1779.

Trading recommendations for GBP/USD on September 4

Analysis of transactions

Good PMI for the US service sector slightly spoiled market sentiment of GBP/USD bears, nonetheless, short positions from 1.3286 still were able to bring profit of about 40 points.

A very important report for the US labor market will be published today, and its data will very much affect trading in the market. Thus, if indicators come out strong or better than the forecasts, that is, a decrease in unemployment in the United States, demand for the dollar will rise, which will inevitably decline GBP/USD.

Since long positions are quite risky today, set them from 1.3299 (green line on the chart) to 1.3352 (thicker green line on the chart), and take profit at price level 1.3299. Only weak data on the US labor market will lead to an increase in GBP/USD. Meanwhile, shorts may be opened from 1.3257 (red line on the chart) to 1.308, with target profit around 1.3208.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

If you have an interest in any area of Forex Trading, this is where you want to be.

Global Fx Trading Group is a world leader in providing Fx services to individual traders, including: Unmatched funding programs, on-line education, virtual trading rooms, automation tools, robot building, and personal coaching.

The company was first established by Jeff Wecker, former member of the Chicago Board of Trade, with 25 years in the industry. Jeff has a keen understanding of the needs of Forex traders and those needs are our focus.

Please join our VIP Group while is still FREE …
https://t.me/joinchat/JqsXFBKpyj3YS4bLWzT_rg

Our mission is simple: To enhance as many lives as we can through education and empowerment.

#theforexarmy #forexsigns #forexsignals #forexfamily #forexgroup #forexhelp #forexcourse #forextrade #forexdaily #forexmoney #forexentourage #forextrading #forex #forexhelptrading #forexscalping #babypips #forexfactory #forexlife #forextrader #financialfreedom


Jeff Wecker
Jeff Wecker

Jeff Wecker, the inventor of Forex Forager, is a former member of the Chicago Board of Trade. There, Jeff learned his craft in the 30-year bond pit, trading against the world's best, and now has survived and prospered in the industry for the past 25 years. He took the unique knowledge he gained at the CBOT and transitioned it to online trading, where he traded FX, commodities, stock indices, and bonds – all using his unique 5 pip/tick risk system. Visit us at Global Fx Trading Group