Analysis and trading recommendations for the EUR/USD pair on August

Trading recommendations for EUR / USD on August 19 Analysis of transactions Bulls were active at the level of 1.1895 yesterday, as a result of which the quote reached the target level of 1.1933. Such brought profit of about 35 pips within the day.

This sharp rise in the euro came after US Treasury Secretary Steven Mnuchin said that there was no expected progress in the negotiations between Republicans and Democrats with regards to a new stimulus package.

Set up buy deals when the quote reaches the price level of 1.1954 (green line on the chart), targeting a rise towards the level of 1.1999. The increase may occur, on the grounds of good inflation data in the eurozone. Take profit at the level of 1.1999. Meanwhile, sell positions after the quote hits a price level of 1.1911 (red line on the chart), aiming a drop to a price of 1.1858. However, such a scenario has a low chance of occurring since aside from inflation data, the latest Fed protocol will also be published today, the contents of which is forecast to put additional pressure on the US dollar. Nonetheless, take profit at the level of 1.1858.

Analysis are provided byInstaForex.

Technical Analysis of EUR/USD for August 21, 2020

Technical Market Outlook:
The EUR/USD pair has bounced from the level of 1.1803 which is still a technical support for the price and had retraced 50% of the last wave down already. The momentum is positive and the market is bouncing from the oversold conditions, so another wave up is still on the table befroe the week ends. The next target for bulls is seen at the level of 1.1908 - 1.1915 and the immediate technical support is located at the level of 1.1822, 1.1813, 1.1803 and 1.1790. The larger time frmae trend remains up.

Weekly Pivot Points:
WR3 - 1.2065
WR2 - 1.1962
WR1 - 1.1908
Weekly Pivot - 1.1808
WS1 - 1.1753
WS2 - 1.1661
WS3 - 1.1600

Trading Recommendations:
On the EUR/USD pair the main trend is up, which can be confirmed by 8 weekly up candles on the weekly time frame chart and 3 monthly up candles on the monthly time frame chart. This means any corrections should be used to buy the dips. The key long-term technical support is seen at the level of 1.1445. The key long-term technical resistance is seen at the level of 1.2555.

Analysis are provided byInstaForex.

Technical Analysis of ETH/USD for August 25, 2020

Crypto Industry News:

Coinbase and Apple are still not getting along months after Coinbase warned customers it might remove the app from the Apple Store.

Coinbase CEO Brian Armstrong tweeted that Apple continues to block some cryptocurrency features, including the ability to make money and unlimited decentralized applications (dApp) of the browser:

"Apple has been very restrictive and hostile to cryptocurrencies over the years. They still block some features now, including the ability to make money with cryptocurrency through task execution and unlimited Dapp browsers," Armstrong said.

In December, Coinbase warned its customers that it might be necessary to remove the dApp browser from its app to comply with Apple App Store policies. At the time, both Apple and the Google Play Store with Android apps wanted to remove dApps from their network.

Apple, especially its App Store, has been under fire recently due to unfair terms it imposes on app developers and publishers. The Wall Street Journal, The New York Times and game developer Epic Games have called on Apple to find fairer conditions for developers.

Technical Market Outlook:
The ETH/USD pair has hit the target seen at the level of $407.03 - $414.11 with a local top at the level of $409.67 and then was capped. Currently, the price is trading below the level of $400 and the next target for bears is seen at the level of $396.45 (itraday techncial support). The momentum keeps increasing as the market bounces from the oversold conditions as well. All the bigger time frame charts looks very bullish and the up trend should be continued after the correction is completed.

Weekly Pivot Points:
WR3 - $491.79
WR2 - $470.70
WR1 - $424.12
Weekly Pivot - $402.20
WS1 - $357.21
WS2 - $333.72
WS3 - $286.54

Trading Recommendations:
The weekly and monthly time frame trend on the ETH/USD pair remains up and there are no signs of trend reversal, so buy orders are preferred in the mid-term. All the dynamic corrections are still being used to buy the dips. The next mid-term target for bulls is seen at the level of $500. The key mid-term technical support is seen at the level of $364.95.

Analysis are provided byInstaForex.

Technical Analysis of ETH/USD for August 26, 2020

Crypto Industry News:
The People's Bank of China plans to use its digital currency at the 2022 Winter Olympics in Beijing.

According to a Reuters report, Sun Guofeng, head of the PBoC's monetary policy department, said the bank did not have a schedule to introduce digital currency. However, according to Sun's statement, the PBoC will likely launch it ahead of the 2022 Winter Olympics as they plan to use it at an international sporting event.

The news comes as China is ramping up pilot projects for the digital yuan. Currently, China's central bank is testing its digital currency in Shenzhen, Suzhou, Xiongan and Chengdu. The bank also planned to introduce a digital currency for pilot tests in other regions, including Beijing, Tianjin, Hebei and the Greater Bay area of Hong Kong.

A recent official statement from the bank also noted that the digital yuan was only tested for small retail transactions. Debunking rumors about the impossibility of converting digital currency into banknotes, the central bank also clarified that digital yuan is legal tender that users can convert into banknotes at a 1: 1 ratio.

While there is still too little information on the Chinese digital currency to say anything about its launch and use cases, it is fairly obvious that the bank is making rapid progress towards its introduction.

Technical Market Outlook:
The ETH/USD pair has made another lower low at the level of $369.51, which was in line with 1:1 market geometry target for correction. Currently, the bulls are trying to bounce higher towards the level of $400 in order to reclaim it again, but if they fail, then a new local low should be made. The intraday technical support is seen at the level of $375.62 and the nearest technical resistance is seen at the level of $385.98. All the bigger time frame charts looks very bullish and the up trend should be continued after the correction is completed.
Weekly Pivot Points:
WR3 - $491.79
WR2 - $470.70
WR1 - $424.12
Weekly Pivot - $402.20
WS1 - $357.21
WS2 - $333.72
WS3 - $286.54

Trading Recommendations: The weekly and monthly time frame trend on the ETH/USD pair remains up and there are no signs of trend reversal, so buy orders are preferred in the mid-term. All the dynamic corrections are still being used to buy the dips. The next mid-term target for bulls is seen at the level of $500. The key mid-term technical support is seen at the level of $364.95.

Analysis are provided byInstaForex.

Control zones for GBPUSD on 08/31/20

Friday's growth will continue the upward priority pattern. Any reduction in part of Friday's movement will be corrective and will make it possible for you to get the best prices on long deals. The nearest support is WCZ 1/4 1.3248-1.3238. Testing this zone should be considered as an opportunity to buy the British pound.

Growth can continue without forming a deep correction pattern. The nearest target for taking part of the profit is the WCZ 1/2 1.3438-1.3417.

To reverse the upward momentum, it will require absorbing Friday's growth and closing today's trading below Friday's low. The probability of this event is less than 20%, which makes this model unprofitable for termination, and sales go into the background and can not be considered today.

Daily CZ - daily control zone. The area formed by important data from the futures market, which changes several times a year.
Weekly CZ - weekly control zone. The zone formed by important marks of the futures market, which changes several times a year.
Monthly CZ - monthly control zone. The zone, which is a reflection of the average volatility over the past year.

Analysis are provided byInstaForex.

Analytics and trading signals for beginners. How to trade the EUR/USD on September 2? Plan for opening and closing trades on Wednesday

Hourly chart of the EUR/USD pair

The EUR/USD pair continued to move down last night and reached the 1.1891 level, which we mentioned as a target in yesterday's articles. Today, the pair has new support and resistance levels (updated every day). Therefore, we can draw the following conclusions based on the results of the past 12 hours of trading. First, novice traders can close short positions opened on the signal of overcoming the upward trend line. The profit is about 60 points. Secondly, traders can leave sell positions open until the MACD indicator turns up. Since it is already morning, which means that the European markets will start opening, we can expect a resumption of the trend movement, and it is currently descending. Third, the price also reached the 1.1903 level, which has long been considered as the upper line of the side channel. Thus, we believe that if the 1.1903 level is overcome, then the downward movement can continue on Wednesday, September 2. Novice traders need to decide which option they are going to stick to for today.

Important reports and events from the European Union are not scheduled for September 2. A report on retail sales will be published in Germany, but we do not believe that the market will particularly react to it. Thus, we recommend novice traders to focus on the ADP report on changes in the number of employees in the private sector for August. This report shows how the number of employed Americans has changed in a month. Recall that the last report (for July) was projected with an increase of 1.5 million, but in reality the increase was only 167,000 which is much worse. Today, a growth of 950,000-1,000,000 new workers is projected. Therefore, if this figure is exceeded, then we can expect the US dollar to grow further. Otherwise, the US currency will not receive support from the macroeconomic background. But even so, the euro/dollar pair can still continue to fall (US dollar growth), as technical factors speak in favor of this option. In general, the dollar has not been in demand in the foreign exchange market for several months, but it is still able to show growth for several consecutive days.

Possible scenarios for September 2:

1) Novice traders are not recommended to consider buying the pair at this time, since it has settled below the upward trend line, so the trend has now changed to a downward trend. However, the upward movement may resume in the near future, and the upward trend line may be realigned, changing the inclination of its angle no less. However, at the moment there are no prerequisites for implementing this option. They will appear if the MACD indicator moves up, after which a strong upward movement begins.

2) Sales look more relevant now, but, as mentioned above, the overall low demand for the US dollar and the possible resumption of the upward trend with a realignment of the trendline may result in cancelling the scenario with a new downward trend. In any case, novice traders had a great opportunity to reach the 1.1891 level. Now they can open short positions before the MACD indicator turns up. They can wait for a round of upward correction (if there is one) and, when it is completed, resume trading downward with targets at 1.1872 and 1.1832.

On the chart:
Support and Resistance Levels are the Levels that serve as targets when buying or selling the pair. You can place Take Profit near these levels.

Red lines are the channels or trend lines that display the current trend and show in which direction it is better to trade now.

Up/down arrows show where you should sell or buy after reaching or breaking through particular levels.

The MACD indicator consists of a histogram and a signal line. When they cross, this is a signal to enter the market. It is recommended to use this indicator in combination with trend lines (channels and trend lines).

Important announcements and economic reports that you can always find in the news calendar can seriously influence the trajectory of a currency pair. Therefore, at the time of their release, we recommended trading as carefully as possible or exit the market in order to avoid a sharp price reversal.

Beginners on Forex should remember that not every single trade has to be profitable. The development of a clear strategy and money management are the key to success in trading over a long period of time.

Analysis are provided byInstaForex.

Technical Analysis of GBP/USD for September 4, 2020

Technical Market Outlook:
The GBP/USD pair has felt out of the parallel channel and made a new local low at the level of 1.3241, slightly below the 50% Fibonacci retracement seen at the level of 1.3266. The next technical support is seen at the level of 1.3215 and 1.3183. This is the immediate support for bulls and a clear violation of this level will be an intraday bearish signal. Weekly and monthly time frame trend remains up, so if the bullish pressure sustain, then the next target for bulls is seen at the level of 1.3447. Please notice, the market conditions are now oversold on the H4 time frame chart, so after a spike down a relief rally might occur.

Weekly Pivot Points:
WR3 - 1.3797
WR2 - 1.3564
WR1 - 1.3482
Weekly Pivot - 1.3256
WS1 - 1.3192
WS2 - 1.2962
WS3 - 1.2882

Trading Recommendations:
On the GBP/USD pair the main, multi-year trend is down, which can be confirmed by the down candles on the monthly time frame chart. Nevertheless, the recent rally form the multi-year lows seen at the level of 1.1404 has been successful and the trend might be reversing. The key long-term technical resistance is seen at the level of 1.3518. Only if one of these levels is clearly violated, the main trend might reverse (1.3518) or accelerate towards the key long-term technical support is seen at the level of 1.1404.

Analysis are provided byInstaForex.

Forecast for AUD/USD on September 8, 2020

AUD/USD
The Australian dollar is on the MACD line on the daily chart. Setting the price below it can trigger a medium-term decline with a movement of about 4.5-5 figures. A condition that can confirm the medium-term decline is when the price leaves the area below the low of 0.7223. The first target will be the August 3 low at 0.7075. Also, in order for the price to confidently settle under the MACD line (0.7277), the aussie needs the signal line of the Marlin oscillator to fall into the zone of negative values.

The situation is also neutral on the 4-hour timeframe. The price is consolidating at the 0.7277 level. The Marlin oscillator moves gently, it can lie in the horizon without entering the growing trend zone. We are waiting for the development of events.

Analysis are provided byInstaForex.

Forecast for EUR/USD on September 10, 2020

EUR/USD
So we are approaching the ECB meeting, and as is almost always the case, from a technical point of view, the euro approached this event in a neutral stance. At the same time, the financial media carefully presented various opinions about the central bank's upcoming assessment of economic prospects. If the ECB really intends to lower the euro (protect the 1.20 level), which is already rumored since the central bank suggested it, then ECB President Christine Lagarde only has verbal tools, up to threats to lower the rate again "if the situation worsens".

The daily chart shows that the price stopped at the MACD line, and the Marlin oscillator is in the lower area. As before, we are waiting for the price to break through, but this may happen after spikes in both directions, since major players are very eager to take positions accumulated before such an intriguing ECB meeting.

The four-hour chart shows the price in the 1.1750-1.1855 range indicated earlier. Not strong, but a double convergence on the Marlin oscillator with the signal line entering the zone of positive values indicates a more probable primary price surge. Of course, it is not limited to the 1.1855 level. There is a small accumulation zone in the 1.1925 area.

Analysis are provided byInstaForex.

Forecast for GBP/USD on September 14, 2020

GBP/USD
The pound sterling was not able to develop a corrective growth last Friday, so it ended the day by falling, but the correction receives a new impetus today in the Asian session, the price went above the 1.2812 level, heading towards the 1.2912 correction target at the 76.4% Fibonacci level. The signal line of the Marlin oscillator is moving up, which is a signal for a correction.

The price continues to converge with Marlin on the four-hour chart. We are waiting for the correction to end at the target level of 1.2912, and then a reversal into a new downward trend with targets at 1.2725, 1.2645.

Analysis are provided byInstaForex.

Technical Analysis of EUR/USD for September 16, 2020

Technical Market Outlook:
Another Bearish Engulfing candlestick pattern on H4 time frame has made the market to reverse at the level of 1.1899 and hit the level of 61% Fibonacci retracement located at 1.1822 again. The bulls were unable to break through the retracement located at the level of 1.1912 and the rally was reversed. The bulls are still trying to resume the rally, but the level of 1.1912 has not been violated yet. Any intraday breakout below the level of 1.1813 will accelerate the sell-off towards the level of 1.1753 again, so it is worth to keep an eye on the next developments. The weekly trend remains up,

Weekly Pivot Points:
WR3 - 1.2085
WR2 - 1.1993
WR1 - 1.1923
Weekly Pivot - 1.1829
WS1 - 1.1753
WS2 - 1.1670
WS3 - 1.1589

Trading Recommendations:
On the EUR/USD pair the main trend is up, which can be confirmed by almost 10 weekly up candles on the weekly time frame chart and 4 monthly up candles on the monthly time frame chart. Nevertheless, weekly chart is recently showing some weakness in form of a several Pin Bar candlestick patterns at the recent top. This means any corrections should be used to buy the dips until the key technical support is broken. The key long-term technical support is seen at the level of 1.1445. The key long-term technical resistance is seen at the level of 1.2555.

Analysis are provided byInstaForex.

Forecast for USD/JPY on September 18, 2020

USD/JPY
The USD/JPY pair retested the trend line from below and continued to decline on Thursday. The yen lost 21 points, but today there is a correction in the Asian session. The signal line of the Marlin oscillator is reversing to the upside, which indicates the price's intention to continue doing so until the evening or Monday. After the correction is completed, the price can fall to the previously indicated target of 103.75.

The price formed a short convergence with the Marlin oscillator on the four-hour chart, this is a sign of the upcoming sideways price movement. There will probably be no strong movements in the market until the beginning of next week.

Analysis are provided byInstaForex.