Morning Insights 30th August

Simon Alagbe


Instrument: EURUSD

The greenback lost ground against the common currency in the session on Friday after the dovish statement of the Federal Reserve chair, Jerome Powell at the recently concluded Jackson Hole Symposium. Jerome Powell hinted the bank will begin withdrawing its monetary stimulus this year, but he emphasised that this is not a pointer to a sped-up timetable for raising interest rates. The Consumer Sentiment data made available from the United States on Friday confirms some of Powell’s reservations as the data fell more than expected because of the effect of the novel virus on the activities of consumers.


The pair broke through the 1.17856 resistance zone in the later session on Friday with a retest of the zone on the card today before the pair continues to move to the upside with a target at 1.18496 and stop-loss at 1.17641.


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