Morning Insights 20th September

Simon Alagbe

Analyst


Instrument: EURUSD

The fibre continues to lose ground against the greenback as a series of positive economic data released from the United States dominated sentiment. The principal focus of participants is now on the Monetary policy meeting of the federal Reserve set to begin tomorrow and ending on Wednesday. The Fed is expected to continue with their plans to taper this year but the market will require more than that from the meeting on Wednesday as we will expect them to provide more details or timeline of the tapering.


Technicals: 

The pair will form a double bottom formation around the 1.16727, a level last witnessed around 17th August when price pushed to the upside. I expect a similar move around the 1.16727 price level with a stop loss at 1.16433 and Take Profit at 1.17817


Fundamentals 

No major economic data with bearing on the pair today

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