24.09.202008:58 Forex Analysis & Reviews: Analysis and trading recommendations for the EUR/USD and GBP/USD pairs on September 24

Trading recommendations for the EUR / USD pair on September 24

Analysis of transactions

The weaker-than-expected data on the euro area's PMI halted the growth of the European currency in the market, so as a result, long positions from 1.1703 only made about 15 pips of profit in the EUR / USD pair. Then, afterwards, the quote turned in the other direction, but the movement was not as large as anticipated.

A number of important reports for Germany are scheduled to be published today, one of which is the data on business activity and confidence. Since these are leading indicators for the EU economy, good performance could lead to a new wave of growth in the EUR / USD pair.

• Buy positions when the quote reaches a price level of 1.1685 (green line on the chart), and then take profit around the level of 1.1758. However, a huge price increase is not really expected, especially if data for Germany comes out weaker than the forecasts.
• Sell positions when the quote reaches the level of 1.1647 (red line on the chart) A breakout from which will lead to a huge price drop in the euro, especially if confidence in German businesses decreases. Take profit at the level of 1.1586.

Trading recommendations for the GBP / USD pair on September 24

Analysis of transactions

Large movements were not seen on the GBP / USD pair, mainly because major players were absent in the forex market yesterday. As a result, short positions from the level of 1.2714 got profit of only 20 points, while long positions from the level of 1.2755 got about 15 points.

No important statistics are scheduled to be published today, so all attention will be on the indicators for the US economy. The upcoming speech of Bank of England president Andrew Bailey may put pressure on the British pound, so it is best to stick with trading along the trend.

• Set long positions from 1.2740 (green line on the chart), and take profit around the level of 1.2810 (thicker green line on the chart).
• Sell positions when the quote reaches 1.2704 (red line on the chart), and take profit at the level of 1.2655. Statements regarding negative interest rates will cause the pound to fall.