09.09.202010:19 Forex Analysis & Reviews: Brief trading recommendations for EUR/USD and GBP/USD on 09/09/20

The EUR/USD currency pair managed to break through the lower boundary of the rising channel of trend lines No. 1, 2 and 3, where the 1.1790/1.1810 area naturally played the role of a support.

The channel structure has been changed, which means that the specified downward movement from the resistance level of 1.2000 is the main one in this period, which can lead to impressive price changes.

The first forecast indicator in the face of the local low (1.1754) of August 21 met the quote, forming a fleeting stagnation/pullback, which can benefit sellers. If the price consolidates below this coordinate, the direction will open towards the main support point of 1.1700, which played the lower border of the side channel 1.1700 // 1.1810 // 1.1910 once.

Any drastic changes in the market should be expected in case of breakdown of the level of 1.1700 in the downward direction, which may lead to structural changes of the medium-term upward trend.

On the other hand, the GBP/USD currency pair is no longer holding back sellers. We have a full-fledged collapse of the pound sterling, where the rate has dropped by more than 500 points since September 1. The coordinates 1.3100 and 1.3000 predicted in the previous review are already considered fulfilled, and our deposit has a solid profit without any complicated theories.

Now, traders ask themselves, what to expect next?

The support level of 1.3000, which kept the quote from declining for a long time, is currently at the stage of breakdown, and this may lead to a further decline towards coordinates 1.2885-1.2770.