03.09.201808:20 Forex Analysis & Reviews: Trading plan for 03/09/2018

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On Monday, the 3rd of September, the event calendar is light in important data releases. The main data releases will occur form the Eurozone and the UK in form of PMI Manufacturing. Two speeches are scheduled for today form ECB's Jens Weidmann and FOMC Member Charles Evans.

On Monday's session, the markets will lack traders from two important markets - the United States and Canada. All because of the labor holidays celebrated in both countries.

EUR/USD analysis for 03/09/2018:

The PMI Manufacturing data will be the most important event today. Because the manufacturing sector represents nearly a quarter of the total Eurozone GDP, the Eurozone Manufacturing PMI is both a significant and timely indicator of business conditions and the general health of the economy.

All of the PMI's are still above the fifty level, which indicates the expansion of the economy is continuing.

Let's now take a look at the EUR/USD technical picture at the H4 time frame. The price has fallen out of the dashed violet channel and currently is trading way below the support at the level of 1.1655. Moreover, the other channel was broken as well, which is not a good sign of bullish strength. The nearest intraday support is located at the level of 1.1594, but if this level will be violated, then the next support is seen at 1.1529. On the other hand, the nearest resistance is now seen at the level of 1.1627. Please notice the momentum indicator is below its fifty level, which suggest another possible wave down to come soon.

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