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18.09.202010:45 Forex Analysis & Reviews: Analysis and trading recommendations for the EUR/USD and GBP/USD pairs on September 18

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Trading recommendations for the EUR / USD pair on September 18

Analysis of transactions

Weak data on the US economy led to a rally in the European currency, so, as a result, the EUR / USD pair moved up by 45 pips in the market, from 1.1790.

Today, data on German inflation, as well as US consumer sentiment will be published, and they could weaken further the position of the US dollar in the market. Thus, the best bet is another rise in the EUR / USD pair, which may continue until next week.

Open long positions from 1.1868 (green line on the chart) and take profit around the level of 1.1899. Growth will occur on the grounds of strong reports on the German economy, as well as rising inflation.
Open short positions from the level of 1.1750 (red line on the chart) and take profit at the level of 1.1797. However, since the downward trend is now broken, it is best to sell only after the release of bad statistics on the euro area. In addition a sharp move will only be possible on the grounds of strong growth in US consumer confidence.

Trading recommendations for the GBP / USD pair on September 18

Analysis of transactions

Several signals to enter the market have emerged in the GBP / USD pair yesterday. One of which is to buy from the level of 1.2951, however, it did not bring much profit since the upward movement in the pair was no more than 30 pips. Meanwhile, short positions from 1.2909 brought about 40 pips of profit.

The key level for today is 1.2988, a breakout from which will push the quotes to rise in the market. Good data on UK retail sales will help traders to overcome this level.

Open long positions from 1.2988 (green line on the chart) and take profit around the level of 1.3036 (thicker green line on the chart). An increase will occur on the grounds of very good news on UK retail sales.
Sell shorts from the level of 1.2952 (red line on the chart) and take profit at the level of 1.2903. However, only do so if data on UK retail sales come out worse than the forecasts.

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