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09.10.202008:36 Forex Analysis & Reviews: Analysis on the EUR/USD and GBP/USD pairs and trading recommendations for October 9

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Analysis of transactions in the EUR / USD pair

The market was in favor of the bears yesterday, and this can be seen clearly when short positions set from 1.1759 gave profit to traders by about 30 points. Long positions from 1.1777, on the other hand, only brought losses.

Exchange Rates 09.10.2020 analysis

Trading recommendations for October 9

Since there are no important statistics scheduled for release today, the euro bulls will have every chance of resuming the correction, and it may lead to movement beyond the sideways channel, at which the EUR / USD pair has been trading all throughout the week.

Exchange Rates 09.10.2020 analysis

  • Set up a long position when the euro reaches a quote of 1.1785 (green line on the chart), and then take profit at the level of 1.1825.
  • Open a short position if the euro moves to a quote of 1.1757 (red line on the chart), and then take profit at the level of 1.1726.

Analysis of transactions in the GBP / USD pair

The pound climbed up by 25 pips yesterday (from 1.2940), but then dropped down again due to the statements made by Bank of England Governor, Andrew Bailey, on the topic of monetary policy.

Exchange Rates 09.10.2020 analysis

Trading recommendations for October 9

A number of important UK statistics are coming out today, which could lead to a surge in volatility. Good reports will maintain the bullish momentum, and could also lead to new weekly highs in the GBP / USD pair.

Exchange Rates 09.10.2020 analysis

  • Open a long position when the pound reaches a quote of 1.2966 (green line on the chart), and then take profit around the level of 1.3010 (thicker green line on the chart).
  • Set up short positions after the pound reaches a quote of 1.2942 (red line on the chart), and then take profit at least at the level of 1.2895.
Jakub Novak
Analytical expert of InstaForex
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