Trading recommendations for EUR / USD on September 2
Analysis of transactions
Weak data on Eurozone inflation led to a price decrease in the EUR / USD pair, thus, short positions from 1.1951 brought about 50 points of profit from the market.
In addition, US Treasury Secretary Steven Mnuchin discussed the need for new economic aid package yesterday, calling on parties to begin a deeper dialogue on this issue. Such led to a slight increase in dollar demand in the market as well.
Today, an important report from ADP is scheduled to be published, where, if the indicators turn out to be better than the forecasts, EUR / USD will decline even further in the market.
Poor data on Eurozone PPI will also contribute to a price decrease in the euro.
Set long positions from 1.1929 (green line on the chart) to 1.1993, and take profit at the level of 1.1993. However, only good data on retail sales in Germany will lead to a price increase in EUR / USD, but even then, such a scenario is very unlikely. Trade shorts from 1.1874 (red line on the chart) to 1.1809, and take profit at the level of 1.1809. Strong report from the ADP will raise demand for the US dollar, which will then result in a price decrease in EUR / USD.
Trading recommendations for GBP / USD on September 2
Analysis of transactions
Long positions from 1.3419 gave about 50 points of profit, as weak dollar demand and fairly good activity in the UK manufacturing sector led to a rise of GBP / USD in the forex market.
Today, a fairly weak demand may occur on GBP / USD, largely due to the upcoming hearings of the UK Treasury this afternoon. There, a discussion on the work of the Bank of England regarding economic recovery will commence, after which bank governor Andrew Bailey will step up and give a statement.
Open long positions from 1.3399 (green line on the chart) to 1.3455 (thicker green line on the chart), and take profit at the level of 1.3455. The pound will rise sharply, if Bailey announces new programs to help the economy. Sell shorts from 1.3357 (red line on the chart). to 1.3300, and take profit around the level of 1.3300. Price will continue to decrease if the Bank of England released negative forecasts for the economy.
*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
