By - Jamel Lahiani
Today our analysis will be concerned with EURUSD, the most traded currency pair in the world. This pair represents the world’s two largest economies and has faced most volatility since the inception of the euro in 1999.
FOREX Market Insights
The market still expecting the trump rate cut impact at short term.
Today, there is important publication at 12H30 related to Initial Jobless Claims published by the US Department of Labor , The Gross Domestic Product Annualized released by the US Bureau of Economic Analysis and The Goods Trade Balance released by the US Bureau of Economic Analysis and the U.S. Census Bureau. Those publications could have a significant effect to the EURUSD pair and the market globally.
GRAPHIC 1: EURUSD HOURLY CHART (AUGUST 29, 2019)
We have a bearish volatile market inside the colored channel. The pair moves between two limit of the channel. A good entry to the market could be to sell at the top of the channel.
The CCI indicator or the commodity channel index indicator is an oscillator. This indicator oscillates between fixed levels of +100 and -100. It is interesting to sell the pair when the pair is overbought that mean CCI is more than +100.
If after the publications at 12H30, we have a break outside of the channel. Then we could follow the market direction which can be probably a powerful trend.
Follow us on Twitter @aprecon
Follow on Instagram @_aprecon
Like our Page on FB @aprecon
Copyright © The African Progressive Economist 2019. All Rights Reserved.