Market Outlook and Analysis (Sept2019 Week1)
Currency Pair: EURGBP
Fundamental Analysis – EURGBP
More stimulus is expected for the EUR as the ECB officials are widely expected to deliver an interest rate cut in September and a resumption of a large scare bond purchase. The Brexit negotiations will always be casting a cloud over this pair’s movement.
Technical Analysis – EURGBP
EURGBP D1 Chart: Forming a Bullish Bat
The Daily charts currently showing the pair respecting a Horizontal support level at the 0.9020/40 levels, while the MACD flattens out as the drop loses momentum. Expecting some further consolidation at these levels at the beginning of the trading week.
A potential Bullish Bat completing at 0.8940
EURGBP H4 Chart: A quick bounce for bears to push down to complete Bat
The charts are showing that there could be a quick potential bounce up towards the completion of the Bear Shark. This would provide an opportunity for the bears to enter the market and then push it all the way down to the completion of the Bullish Bat pattern.
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