Advertisement
Advertisement
The Most Profitable Forex Advisors 2019
Expert%20Advisor
Advertisement
FortFS
XM.com - Trade Forex with up to 1:888 Leverage and up to $5000 Bonus.
FXRank technical section offers a profound and in-depth text and video Forex and Commodities technical analysis reports done by professional analysts with a great understanding of the market
Advertisement tickmill

EUR/USD looks firm around 1.1840 ahead of ECB-speak, US CPI

Written by By Pablo Piovano | 2020-09-11 08:42:41 GMT
  • EUR/USD trades with decent gains around 1.1840.
  • ECB-speak, EuroGroup meeting take centre stage on Friday.
  • US CPI for the month of August will be the salient event in the NA session.

EUR/USD keeps the multi-day recovery well and sound above the key barrier at 1.1800 the figure at the end of the week.

EUR/USD focused on ECB, US data

EUR/USD is up for the third consecutive session on Friday, extending the rebound from lows in the 1.1750 region recorded earlier in the week.

The pair managed to briefly surpass the key 1.19 barrier following the unexpected upbeat message from the ECB at its Thursday’s event, although the move up lacked follow through and motivated spot to return and close the session in the 1.1810/15 band.

It is worth recalling that the ECB said markets should not overreact to the recent appreciation of the single currency, although Lagarde later noted that the Council did discuss the move up in the exchange rate and said that the central bank will now monitor the exchange rate.

The central bank also revised a tad lower its forecasts for economic growth in the region for the next couple of years and now sees inflation advancing at a somewhat faster pace.

Later in the session, the focus of attention will be on several ECB speakers – Lagarde, De Guindos, Lane, Mersch and Schnabel – under the EuroGroup, ECOFIN events.

Across the pond, investors will closely follow the release of inflation figures measured by the CPI for the month of August.

What to look for around EUR

EUR/USD managed to test the area just above 1.20 the figure at the beginning of the month. However, bulls failed to extend the rally further north, sparking a leg lower to the sub-1.18 instead. Looking at the broader picture, the bearish view on the dollar continues to sustain the underlying constructive bias in the pair, all accompanied by the improved sentiment in the risk-associated universe, auspicious results from domestic fundamentals - which have been in turn supporting further the view of a strong economic recovery following the coronavirus crisis – as well as a calmer US-China trade front. The solid positive stance in the speculative community also underpins the constructive outlook in the euro, while the recent tone from the ECB keeps the downside pressure somewhat limited.

EUR/USD levels to watch

At the moment, the pair is gaining 0.24% at 1.1843 and a breakout of 1.1965 (monthly high Aug.18) would target 1.2011 (2020 high Sep.1) en route to 1.2032 (23.6% Fibo of the 2017-2018 rally). On the flip side, immediate contention is located at 1.1751 (monthly low Sep.9) seconded by 1.1709 (38.2% Fibo of the 2017-2018 rally) and finally 1.1695 (monthly low Aug.3).

Author

By Pablo Piovano
fbs

Start Trading With Top Industry Brokers

Broker Profile Open Account
XM
  • Minimum Deposit: 5 USD
  • Leverage of up to 1:30
  • Leverage applies to all EU regulated entities of the group. Leverage depends on the financial instrument traded.
  • Broker Type : Market Maker
  • Regulation : CySEC,ASIC ,FCA
  • XM
    octafx
  • Offer: 50% Deposit Bonus
  • Minimum Deposit: 50 USD
  • Leverage of up to 1:500
  • Broker Type : ECN/STP & STP
  • Regulation : FCA (UK), 679306 IFSA (St. Vincent and Grenadines), 19776 IBC 2011
  • octafx
    EXNESS
  • Minimum Deposit: 1 USD
  • Leverage of up to 1:2000
  • Broker Type : STP/ECN
  • Regulation : CySEC, 178/12 IFSA (St. Vincent and Grenadines), 21927 (IBC 2014)
  • EXNESS
    InstaForex
  • Minimum Deposit: 1 USD
  • Leverage of up to 1:2000
  • Broker Type : STP/ECN
  • Regulation : RAFMM
  • InstaForex
    FBS
  • Minimum Deposit: 1 USD
  • Leverage of up to 1:500
  • Broker Type : STP/ECN
  • Regulation : CRFIN (Russia), 009069697 IFSC (Belize), IFSC/60/230/TS/12
  • FBS
    FXTM
  • Minimum Deposit: 5 USD
  • Leverage of up to 1:500
  • Broker Type : STP/ECN
  • Regulation : CySEC, 185/12 FCA (UK), 600475
  • FXTM

    The Best Crypto to Crypto

    Exchanger Advantages Open Account
    binance
  • Safety Stability: Multi-tier & multi-cluster system architecture
  • Binance charges a quite low commission fee
  • Multiple-Coin Support : BTC, ETH, LTC, BNB...
  • High Liquidity
  • Multiple-Language Support
  • binance
    changelly
  • Instant cryptocurrency exchange
  • More than 500,000 satisfied users
  • Changelly charges a quite low commission fee
  • Safety Stability
  • changelly
    bitmex
  • Bitmex - Bitcoin Mercantile Exchange is a cryptocurrency derivatives trading platform.
  • Bitmex charges a quite low commission fee
  • Safety Stability
  • changelly

    Best Brokers to Trade Crypto

    Broker Profile Open Account
    EXNESS
  • Minimum Deposit: 1 USD
  • Leverage of up to 1:2000
  • Broker Type : STP/ECN
  • Regulation : CySEC, 178/12 IFSA (St. Vincent and Grenadines), 21927 (IBC 2014)
  • EXNESS
    XM
  • Minimum Deposit: 5 USD
  • Leverage of up to 1:30
  • Leverage applies to all EU regulated entities of the group. Leverage depends on the financial instrument traded.
  • Broker Type : Market Maker
  • Regulation : CySEC,ASIC ,FCA
  • XM
    HotForex
  • Offer: 100% Deposit Bonus
  • Minimum Deposit: 50 USD
  • Leverage of up to 1:500
  • Broker Type : STP
  • Regulation : CySEC, 183/12 FSC (Mauritius), 094286
  • HotForex

    Contact us
    fxrank.net@gmail.com