EUR/USD and GBP/USD Forecast September 20, 2018


The Euro rallied a bit during the trading session on Wednesday but continues to find trouble at the downtrend line I have marked on the chart. Because of this, we could make an argument for a bit of a complex inverted head and shoulders, but quite frankly I think the theme here is going to be consolidation anyway. There are a lot of moving pieces out there, and of course a lot of uncertainty when it comes to the Brexit, which of course plays out in the Euro as uncertainty is never a good thing for financial markets. If we break down below the daily candle for both Tuesday and Wednesday, that’s a negative sign and I think we will go looking towards the 1.16 level initially, possibly even the 1.15 handle. Otherwise, if we break to the upside I think that there is a shot at 1.18 and breaking there could open the door to 1.20.

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