Analysis and trading recommendations for the EUR/USD and GBP/USD pairs on September 29

Trading recommendations for the EUR / USD pair on September 29

Analysis of transactions

The euro rose in the market yesterday, but the movement was no more than 20 pips, since there were no important reports nor any strong factor that could set off large movements in the EUR / USD pair.

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But today, a lot of consequential data is scheduled to be published, however, they may negatively affect the euro, especially if they are weak reports on the state of the European economy. For example, feeble index on consumer confidence, or perhaps disappointing data on inflation, could lead to another sell-off of the EUR / USD pair, since such reports indicate a slowdown in economic recovery.

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  • Since large upward movements are rather impossible today in the EUR / USD pair, buy positions when the quote reaches a price level of 1.1687 (green line on the chart), and take profit at the level of 1.1719.
  • Upcoming report on US consumer confidence is expected to put pressure on the euro today, hence, sell positions after the quote reaches the level of 1.1665 (red line on the chart), and take profit at the level of 1.1586.

Trading recommendations for the GBP / USD pair on September 29

Analysis of transactions

Rumored assent to post-Brexit trade deal rose demand for the British pound yesterday, as a result of which the GBP / USD pair found new highs in the market. The increase to over 50 pips, with which long positions from the level of 1.2783 worked out best.

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The pound will continue to rise today if the rumors yesterday were proven to be true.

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  • Buy positions when the quote reaches the level of 1.2882 (green line on the chart), and take profit at the level of 1.2945 (thicker green line on the chart).
  • If the rumor turns out to be false and the authorities fail to find a consensus again, sell positions at the level of 1.2833 (red line on the chart) and take profit at the level of 1.2763.
The material has been provided by InstaForex Company - www.instaforex.com
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