EURUSD: The start of the week shows probable negativity by the pair

10.09.2018 / 21:50

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The Asian session went on a negative territory by EURUSD. The pair opened with a gap in a negative direction that was filled, but then the movement continued south. Trade tensions are likely to continue to exert a negative impact. Positive Friday data for the NFP will likely continue to create prerequisites for US dollar purchases. On the other hand this week is the ECB interest rate meeting and Mario Draghi's statement, which can create some caution against the EUR.

The Head & Shoulders formation further suggests a probability of a decline, as a break below the 1.1526 can trigger a strong downward impulse.

At the start of the European session, the levels that traders will follow shortly will be:

1.1539 and 1.1530 - as a break below can create premise for downward movement

1.1564 - a break above can give rise to short-term purchases

Trader Nikolay Georgiev

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EURUSD: The start of the week shows probable negativity by the pair

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