11.09.202009:37 Forex Analysis & Reviews: Brief trading recommendations for EUR/USD and GBP/USD on 09/11/20

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The EUR/USD currency pair, moving along an upward course from the local low (1.1754) on August 21, managed to temporarily return to the area of 1.1910, where one of the borders of the side channel was previously located on the period (1.1700/1.1810/1.1910).

However, market participants did not manage to stay at the peak of 1.1910. After a while, the quote returned to where it all started – 1.1810.

As for the current situation, there is a sharp decline in the amplitude of 1.1830/1.1840, which may be dealt with speculators working for a local surge in activity.

The horizontal price movement with the minimum amplitude is considered a strong trading signal of the upcoming acceleration in the market.

In this case, trading tactics are based on the method of breaking through one or another border, which will provoke a local jump in activity.

- Buying a pair is recommended at a price above 1.1845, with the prospect of moving to 1.1865-1.1880.

- Selling a pair is recommended at a price below 1.1825, with the prospect of moving to 1.1810.

On the other hand, the GBP/USD pair continues to move along a downward course, where the quote consistently breaks through the support levels (1.3300; 1.3100; 1.3000 and 1.2885), signaling a high degree of sellers in the market.

The downward movement of the price led the quote to the next level of 1.2770, which has repeatedly played the role of support in history and led to the formation of a stagnation with the following pullback.

In this situation, a high degree of oversold is seen due to a long downward move 1.3480 ---> 1.2770, which may well lead to a pullback towards 1.2885.

Now, the following sell positions will be considered only after the price clearly consolidates above 1.2770, with the prospect of moving to the level of 1.2620.

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