Forex FOREX PRO WEEKLY, September 07 - 11, 2020

Sive Morten

Special Consultant to the FPA
Morning everybody,

so effect of ECB session was temporal and triggered only moment reaction. Currently on EUR we do not see any valuable setups and it seems that hardly we will get something today.

GBP in turn keeps dropping lower and has shown puny reaction on support area that we've discussed. As a result, we have got neither B&B nor DRPO. As price looks heavy, we switch to major daily support, where we suppose to get trading setups next week:

As on 4H chart price drops below all AB-CD targets, we use different tool - extension of recent upside swing that points on 1.2976 support area. It stands in the same range as daily K-support:

Thus, next week we count to get scalp buy trading setup from daily K-area and second - major Sell opportunity when bounce will be over, as our major target stands around 1.20-1.21 area.