
It will be the hottest week of September, with four central banks’ meetings, five PMI releases, and a lot to trade.
EUR/USD has been rising rapidly since yesterday. The reason behind is that the US dollar started loosing on the improved market sentiment. The pair has been trading in a range between 1.1170 and 1.1375 for quite a long time. All traders can’t wait for the price to break out or break down those levels. Now it’s headed towards the key resistance level at 1.1375. If it crosses it, it will open doors to the next resistance at 1.145. Otherwise, if the price goes below the support at 1.1310 or 78.6% Fibonacci level, it may fall even deeper to 1.125.
The British pound rose on encouraging Brexit negotiations. GBP/USD is approaching the 200-day moving average at 1.2680. If it manages to break it, it will surge to 1.2750 after that. Support is at 1.2500.
S&P 500 has rebounded after the huge fall during the last week. Now S&P 500 is moving up towards the 78.6% Fibonacci retracement level at the 3135 mark. If it breaks through it, then the price may rise to 3230. Support is at 3050.
The Brent oil price has almost reached $40 a barrel. It gained on the optimistic market sentiment. The price will meet the next resistance at $42. Support levels are $38 and $34. According to the energy minister of the United Arab Emirates, the oil demand is recovering quite quickly. Moreover, huge OPEC+ output cuts continue, and countries, which cheated before, make extra cuts to state their commitment. However, the rebound of the oil market still hugely hinges on a possible second wave of new infections.
It will be the hottest week of September, with four central banks’ meetings, five PMI releases, and a lot to trade.
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