Daily Market Analysis By FXOpen

Inflation Still Dogs the Economy: What Are the Central Banks Doing About It?



High inflation continues to grip European economies, putting central banks in a tight spot as they grapple with the triple dilemma of slowing growth, persistent inflation, and the impact of unprecedented rate hikes.

In September, we witnessed a shift in tone from central banks across the region, with some hitting the brakes on interest rate hikes after nearly two years of tightening, while others appeared to be approaching peak rates.

This shift has brought the spotlight to a critical question: how long will these rates remain steady in the face of economic challenges?
One common thread among these central banks is the proximity of their interest rates to their presumed peaks, adding complexity to the ongoing balancing act.

The recent surge in oil prices has further complicated the situation. While it has the potential to fuel inflation, it also exerts downward pressure on economic growth, making future interest rate decisions even more uncertain.

VIEW FULL ANALYSIS VISIT - FXOpen Blog...

Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

Oil Surges to a New High of the Year



As the chart shows, the day before yesterday, a barrel of WTI cost USD 87.87, but this morning, the price exceeded the level of USD 93. That is, the growth was more than 6% in just 2 days.
The main driver of such growth remains the voluntary reduction in oil production by OPEC+ countries. Added to this was the market's reaction to yesterday's news about the reduction in oil reserves in the United States (expected = -0.7 million barrels, actual = -2.2 million). Inventories are approaching historical lows, according to Reuters. Probably, the US authorities, by releasing oil from storage, are trying to reduce the impact of its high price on inflation, but the graph shows that these efforts are unlikely to give the desired result.




VIEW FULL ANALYSIS VISIT - FXOpen Blog...

Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

S&P 500 Analysis: Price Reaches The Edge of Abyss



Investors in the US stock market have serious reasons to worry:
→ The likelihood of a shutdown of government agencies is becoming more and more real. It could happen as early as next week if a budget agreement is not reached (A new fiscal year begins on October 1 in the United States).
→ The prospect of a high policy rate that could last longer than expected is weighing heavily, causing the S&P 500 to decline markedly since last Wednesday's Fed meeting.
→ According to MarketWatch, the so-called “fear index” (using several input data, including the Cboe VIX volatility index) reached the “extreme fear” level for the first time since March 15, when a series of US bank failures occurred.




VIEW FULL ANALYSIS VISIT - FXOpen Blog...

Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

Bitcoin Cash Analysis: Promising Resistance Breakout



Yesterday, the head of the SEC regulator, Gary Gensler, answered questions for 4 hours before the Financial Services Committee of the US House of Representatives, which, among other things, related to cryptocurrencies.

What has become known:
→ on the eve of the hearing, Gary Gensler was sent a letter from four members of the US Congress demanding approval of applications for ETFs based on cryptocurrencies;
→ the head of the SEC avoided answering questions about the timing of decisions on these applications, although he noted that if the agency’s work was stopped on October 1 (like other government agencies), this would slow down the process;
→ for participants in the cryptocurrency market, the event could have given a positive impetus if Gensler’s words had contained hints of positivity, but he once again spoke out about the dangerous prohibited practices that crypto firms use.




VIEW FULL ANALYSIS VISIT - FXOpen Blog...

Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

US Currency Continues to Grow Ahead of GDP Data Release



Good data on core durable goods orders in the US for August and a general decrease in risk appetite in the market are helping to strengthen the US dollar. The American currency set new highs in such pairs as EUR/USD, GBP/USD, and USD/CHF. Commodity currencies, along with precious metals, continue to decline.

USD/CHF
The latest meeting of the Swiss National Bank (SNB) disappointed buyers of the Swiss franc. Contrary to analysts' forecasts, officials refused to raise the rate by 0.25%. The change in the vector of the SNB monetary policy contributed to a sharp strengthening of USD/CHF. In just a few days, the price rose by 300 points and strengthened above the alligator lines on the weekly timeframe. If the current situation does not change and the US dollar continues to strengthen, the pair may continue to rise towards the nearest important resistance range of 0.9400-0.9450. We can consider a cancellation of the upward scenario only after the pair moves below the psychological level of 0.9000.

Today's news on US GDP for the Q2 will be important for the pair's pricing. The publication of the indicator is scheduled for 15:30 GMT+3. Also, at the same time, weekly data on the number of applications for unemployment benefits in the United States will be released.




VIEW FULL ANALYSIS VISIT - FXOpen Blog...

Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

US Government Shutdown: Assessing Economic Impact and Recession Risks



The recurring spectre of a government shutdown has once again loomed over the United States, prompting concerns about its potential economic consequences. The shutdown may occur this weekend unless lawmakers agree on spending levels and whether to give more aid to Ukraine. Economists and analysts are closely examining the situation, weighing the likelihood of a recession, and evaluating the resilience of the American economy in the face of this uncertainty.

The Longer the Shutdown, the Greater the Damage

A recurring theme has emerged from past government shutdowns: their duration directly correlates with the extent of economic damage.
A brief shutdown is unlikely to significantly impede economic growth or push the nation into a recession, as both Wall Street and the Biden administration economists contend. Historical evidence from previous government funding stoppages supports this assertion, revealing limited economic disruption during short-lived closures.

However, the narrative shifts when contemplating a protracted shutdown scenario. A sustained government shutdown has the potential to erode economic growth, potentially impacting President Biden's re-election prospects. This challenge would compound other economic headwinds anticipated in the final months of the year, including elevated interest rates, the resumption of federal student loan payments, and a possible extended United Automobile Workers strike.

VIEW FULL ANALYSIS VISIT - FXOpen Blog...

Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

Gold Price Accelerates Lower, Crude Oil Price Dips


Gold price is moving lower below the $1,885 support. Crude oil price is now correcting gains and trading below the $92.00 support.

Important Takeaways for Gold and Oil Prices Analysis Today

 

1. Gold price failed to clear the 1,915 resistance and moved lower against the US Dollar.
2. A major bearish trend line is forming with resistance near $1,865 on the hourly chart of gold at FXOpen.
3. Crude oil prices are now correcting lower below the $92.00 zone.
4. There was a break below a key bullish trend line with support near $92.50 on the hourly chart of XTI/USD at FXOpen.

Gold Price Technical Analysis

On the hourly chart of Gold at FXOpen, the price struggled to settle above the $1,915 resistance. The price started a fresh decline below the $1,900 pivot level.

The price traded below the $1,885 support and the 50-hour simple moving average. It tested the $1,858 zone. A low is formed near $1,857.71 and the price is now consolidating losses. It is now struggling below the 23.6% Fib retracement level of the downward move from the $1,915 swing high to the $1,857 low.

There is also a major bearish trend line forming with resistance near $1,865. The next major resistance is near $1,870, above which the price could test the 50-hour simple moving average at $1,880.

The next major resistance is near the 61.8% Fib retracement level of the downward move from the $1,915 swing high to the $1,857 low at $1,892. An upside break above the $1,892 resistance could send Gold price toward $1,915. Any more gains may perhaps set the pace for an increase toward the $1,930 level.

Initial support on the downside is near the $1,858 level. The first major support is near the $1,850 level. If there is a downside break below the $1,850 support, the price might decline further. In the stated case, the price might drop toward the $1,832 support.

VIEW FULL ANALYSIS VISIT - FXOpen Blog...

Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

US 30 Analysis: Dow Jones Finds Support



September is likely to be the second month in a row that the Dow Jones (US 30) stock market index declined. The last time this happened was... also in September, a year ago.
Important economic data was published yesterday:
→ According to a revised report released by the Bureau of Economic Analysis, US real GDP increased 2.1% year over year in the second quarter. This reduces the risk of recession.
→ The number of applications for unemployment benefits amounted to 204k for a week, which continues the downward trend that has emerged since June of this year.
Today, fresh data on the PCE inflation index will be published, it can provide evidence that inflation is slowly subsiding as long as the economy remains resilient.
More bullish arguments for displaying cautious optimism are provided by the Dow Jones index chart:
→ the price of US 30 has formed an inverted head-and-shoulders pattern (SHS);
→ this bullish pattern formed near the lower border of the descending channel — which indicates support from this line;
→ after Wednesday, when the bearish acceleration was noticeable, the price recovered — this is a sign that if there were panic sentiments, they have exhausted themselves.
→ On Thursday, the bears’ attempts to resume the decline failed, and Friday morning looks optimistic – during the Asian session the price exceeded Thursday’s high.




VIEW FULL ANALYSIS VISIT - FXOpen Blog...

Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

The Price of Gold Drops Below $1,900



The decline in the price of the asset considered a safe haven was facilitated by rising bond yields, which are becoming more attractive for investment in a high-interest environment. According to top Federal Reserve officials, new increases are possible to achieve inflation targets.
At yesterday's low, the price fell below 1,860 per ounce for the first time since March 2023. Will the fall continue? The XAU/USD chart on the 4-hour time frame provides valuable information for thought.




VIEW FULL ANALYSIS VISIT - FXOpen Blog...

Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

Watch FXOpen's 25 - 29 September Weekly Market Wrap Video


Weekly Market Wrap With Gary Thomson: Inflation, EUR/USD, S&P 500, OIL

Get the latest scoop on the week's hottest headlines, all in one convenient video. Join Gary Thomson, the COO of FXOpen UK, as he breaks down the most significant news reports and shares his expert insights.

 

1. Inflation Still Dogs the Economy: What Are the Central Banks Doing About It?
2. Market Analysis: EUR/USD Takes Hit While USD/CHF Surges
3. S&P 500 Analysis: Price Reaches The Edge of Abyss
4. Market Analysis: Oil Surges to a New High of the Year

Stay in the know and empower yourself with our short, yet power-packed video. Watch it now and stay updated with FXOpen.

Don't miss out on this invaluable opportunity to sharpen your trading skills and make informed decisions.

Watch YOUTUBE Video

FXOpen YouTube

Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

#fxopen #fxopenyoutube #fxopenuk #fxopenint #weeklyvideo

GBP/USD Struggles While EUR/GBP Eyes Increase



GBP/USD is struggling below the 1.2235 resistance zone. EUR/GBP is rising and might climb above the 0.8675 resistance.
Important Takeaways for GBP/USD and EUR/GBP Analysis Today

 

1. The British Pound is showing bearish signs below 1.2235 and 1.2270.
2. There is a key bullish trend line forming with support near 1.2160 on the hourly chart of GBP/USD at FXOpen.
3. EUR/GBP is rising and trading above the 0.8660 zone.
4. There is a major bearish trend line forming with resistance near 0.8675 on the hourly chart at FXOpen.

GBP/USD Technical Analysis

On the hourly chart of GBP/USD at FXOpen, the pair attempted a fresh increase above 1.2235. However, the British Pound failed above 1.2270 and started a fresh decline against the US Dollar.
There was a clear move below the 1.2235 support and the 50-hour simple moving average. The pair even traded below the 50% Fib retracement level of the upward move from the 1.2110 swing low to the 1.2271 high.
The pair is now showing bearish signs below 1.2200. On the downside, there is a key support forming near 1.2160 or the 76.4% Fib retracement level of the upward move from the 1.2110 swing low to the 1.2271 high.
There is also a key bullish trend line forming with support near 1.2160. If there is a downside break below the 1.2160 support, the pair could accelerate lower.
The next major support is near the 1.2110 zone, below which the pair could test 1.2050. Any more losses could lead the pair toward the 1.2000 support. On the upside, the GBP/USD chart indicates that the pair is facing resistance near the 50-hour simple moving average at 1.2200.
The next major resistance is near 1.2235. A close above the 1.2235 resistance zone could open the doors for a move toward 1.2270. Any more gains might send GBP/USD toward 1.2350.

VIEW FULL ANALYSIS VISIT - FXOpen Blog...

Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

XAG/USD Analysis: Silver Price Quickly Drops by Approximately 7.5%



On Friday, silver was trading at USD 23.5 per ounce, but on Monday morning it dropped below USD 21.7 – a difference of 7.5%.
Fundamental influencing factors are not clearly identified, but it can be assumed that the sharp drop was facilitated by:
→ the fact that a shutdown of US government agencies was avoided, since the authorities reached a budget agreement – albeit a temporary one;
→ high yield on bonds;
→ at the end of the Q3, the long-term portfolios of large market participants were rebalanced.

Factors could put pressure on gold (it also shows a negative trend, falling below USD 1,850 per ounce for the first time since March of this year), and more volatile silver rushed after gold.
Technical analysis adds more information about the nature of the fall. In mid-July, we wrote that the price of gold had approached the upper limit of the long-term downward channel (shown in yellow), from which resistance could be expected.
However, the strength of demand was exhausted earlier, around the level of USD 25 per ounce, it turned out to be an unbearable barrier for the bulls, which is noticeable in the price action in July and August.




VIEW FULL ANALYSIS VISIT - FXOpen Blog...

Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

Euro Analysis: ECB Cautions Against Rate Cuts Amid Inflation Battle



Luis de Guindos, the Vice-President of the European Central Bank (ECB), has firmly dismissed the notion of rate cuts as "premature" amidst the ongoing struggle to combat surging inflation. Speaking to the Financial Times, he cautioned that overcoming the final hurdles to return inflation to the target rate of 2 percent will be a formidable task.

The ECB's governing council has been grappling with the sharpest inflation increase in a generation. To address this, the bank has undertaken a record 10 consecutive deposit rate hikes, bringing it to an all-time high of 4 percent. Despite recent inflation cooling off to a two-year low, the ECB emphasised that the recent spike in oil prices to a 10-month high presents new challenges.

In a statement to the press yesterday, Luis de Guindos said, "We are on our way towards 2 percent, but we must monitor that very closely, as the last mile will not be easy. The elements that might torpedo the disinflation process are powerful."

In addition to oil, other factors such as rapid wage growth, a weakened euro, and continued strong demand for services could sustain high inflation rates. Eurozone inflation data released on Friday revealed a drop to 4.3 percent in the year to September, surpassing economists' expectations.

VIEW FULL ANALYSIS VISIT - FXOpen Blog...

Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

Dollar Falls After Inflation Data Release



EUR/USD

The euro rose on Friday following the release of softer-than-expected US inflation data. The data showed that the price index for personal consumption expenditures (PCE), excluding volatile components of food and energy, increased 3.9% year-on-year in August, the first time it fell below 4% in more than two years. The Fed tracks PCE price indexes to achieve its 2% inflation target. The euro was up 0.10% on the day at USD 1.0578, but it was its worst quarter against the dollar in a year, down 3.08%. The immediate resistance can be seen at 1.0582, and a breakout to the upside could trigger a rise towards 1.0619. On the downside, immediate support is seen at 1.0491, a break below could take the pair towards 1.0441.
The price has broken through the upper boundary of the downward channel and may continue to rise.




VIEW FULL ANALYSIS VISIT - FXOpen Blog...

Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

Economic Calendar: US Labour Market and ISM Manufacturing PMI Data, RBA and OPEC+ Meetings



The start of October brings plenty of macro data for traders to analyse as high inflation and low growth continue to weigh heavily on central bankers' and politicians' minds.
ISM Manufacturing PMI (17:00 GMT+3) from the States gets the ball rolling on Monday. It has been below 50 (signalling a contraction) for almost a year now, but the last couple of months have been better than expected. 47.7 is the analysts' estimate for this month, so anything above this could be bullish for the US dollar.




VIEW FULL ANALYSIS VISIT - FXOpen Blog...

Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

META Analysis: Price Target Raised to $390



Last week, the Meta Connect event took place, where the following were presented:
→ new Ray-Ban Meta Smart Glasses with a camera and microphones, including for broadcasting on social networks. The price of the gadget is USD 299;
→ Meta Quest 3 virtual reality helmet priced at USD 499;
→ AI characters for social networks, as well as Meta AI chatbot.
Overall, the products were received favourably. And now analysts are making predictions about how this will affect the stock price. Thus, Truist Securities analyst Youssef Squali raised his target price to USD 390 per META share, expecting that:
→ revenue will increase by 21% year on year;
→ the company will receive many benefits through the implementation of AI (for example, Emu — an image generation model; Studio AI — a platform for developers that allows one to create new and customized AI).

Add to this that the increase in revenue should be facilitated by the company’s intention to offer a subscription fee of USD 14 per month for using Instagram and Facebook, which will allow one to disable advertising.
The daily chart of META stock, meanwhile, shows a mixed picture.




VIEW FULL ANALYSIS VISIT - FXOpen Blog...

Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

EUR/USD Analysis: The Rate Updates Its Multi-month Low



Never in its history has the euro fallen for 11 weeks in a row against the dollar, but it happened. The minimum has been set for 2023.
The reason seems to be that in an environment where central banks are raising rates to combat inflation, the US economy appears to be favored. Yesterday's batch of news confirmed this:
→ US ISM Manufacturing PMI index turned out to be higher than expected (actual = 49.0; forecast = 47.8; previous value = 47.6).
→ In his speech at a roundtable in Pennsylvania, the Fed chairman said: “Lots of good things happen,” commenting on the strong labor market. Today, by the way, at 17:00 GMT+3 JOLTS data on the number of vacancies will be released, which can confirm the stability of the economy.
The attractiveness of USD is also affected by rising US government bond yields, as investors need dollars to buy them.
How long can the fall of the euro continue, which is already “settled” below the level of 1.05?
If the fundamental balance of power between the economies of Europe and the United States remains unchanged, the rate may reach the lower boundary of the bearish channel (shown in red).




VIEW FULL ANALYSIS VISIT - FXOpen Blog...

Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

Top 5 Stocks to Watch in October:
Bank on the Backfoot, No Thirst for Coca-Cola, Tech Giant Takes Dip and Electric Vehicle Volatility




October is here, and as the markets enter a new month, we take a closer look at five stocks that could be of significant interest to investors.
1) Bank of America

Bank of America stock has taken a dive over the past weeks and entered October on a low point. Down from the high of $29 on September 14 to the mid $26 range at the close of business on the first trading day of October, it is now at its lowest point in six months. Yesterday, Bank of America stated that capitulation is a likely event when discussing the possibility of big drawdowns in October, and the sentiment of investors is reflected in these reduced share values. The company's CEO has said this week that he believes there will not be a recession, therefore giving rise to some investor confidence across the US markets.

VIEW FULL ANALYSIS VISIT - FXOpen Blog...

Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

The American Currency Resumes Growth


The beginning of October turned out to be favourable for continued growth in the US dollar. From the data published yesterday, it follows that in September, the US manufacturing business activity index (PMI) rose to 49.0 against the forecast of 47.7. The ISM manufacturing employment index for the same period also turned out to be positive: 51.2 versus 48.3. Add to this the hawkish statements of the FOMC members who have spoken in recent days, and we can observe another upward impulse on the greenback.

NZD/USD

For commodity currencies, the current week is extremely rich in important fundamentals. This morning, the Reserve Bank of Australia met, tomorrow, the RBNZ will announce its verdict on the rate, and on Friday, the US employment report will be released.

According to analysts' forecasts, the New Zealand regulator will leave the rate unchanged, which may put additional pressure on the NZD/USD pair. On the weekly timeframe, we are seeing a rebound from the important level of 0.6000. If the current situation does not change, we can expect a renewal of the March low of this year at 0.5860. We can consider cancelling the downward scenario only after a confident consolidation above 0.6050.




VIEW FULL ANALYSIS VISIT - FXOpen Blog...

Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

EUR/USD Tumbles While USD/JPY Seems Unstoppable



EUR/USD remained in a bearish zone and declined below 1.0530. USD/JPY is again rising and might climb toward the 150.00 level.
Important Takeaways for EUR/USD and USD/JPY Analysis Today

 

1. The Euro started a fresh decline below the 1.0530 support zone.
2. There is a short-term bearish trend line forming with resistance near 1.0475 on the hourly chart of EUR/USD at FXOpen.
3. USD/JPY climbed higher above the 148.00 and 148.75 levels.
4. There was a rejection noticed near a bearish trend line at 150.15 on the hourly chart at FXOpen.

EUR/USD Technical Analysis

On the hourly chart of EUR/USD at FXOpen, the pair remained in a bearish zone below the 1.0650 level, as mentioned in the previous analysis. The Euro declined below the 1.0530 support zone against the US Dollar.
The pair even settled below the 1.0500 zone and the 50-hour simple moving average. A low is formed near 1.0448 and the pair is now consolidating losses. On the upside, the pair is now facing resistance near a short-term bearish trend line at 1.0475.
The next key resistance is near the 50-hour simple moving average and the 23.6% Fib retracement level of the recent decline from the 1.0617 swing high to the 1.0448 low at 1.0485.
A clear move above the 1.0485 level could send the pair toward the 1.0530 resistance. It is close to the 50% Fib retracement level of the recent decline from the 1.0617 swing high to the 1.0448 low. An upside break above 1.0530 could set the pace for another increase. In the stated case, the pair might rise toward 1.0615.
If not, the pair might resume its decline. The first major support on the EUR/USD chart is near 1.0450. The next key support is at 1.0420. If there is a downside break below 1.0420, the pair could drop toward 1.0380. The next support is near 1.0335, below which the pair could start a major decline.

VIEW FULL ANALYSIS VISIT - FXOpen Blog...

Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.