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Weekly review of EUR / USD pair - The key event of the week is the Fed meeting.

24-hour timeframe

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For four days out of five last week, the EUR / USD currency pair stood still. Only on Thursday trading ended with a very solid growth of the European currency amid a new wave of rumors that the EU and Britain will still manage to agree on Brexit. As we have already noted, these are just rumors and market expectations. In fact, there has been no information confirming such optimistic expectations. One way or another, the euro is still growing and in the daytime timeframe the first target was 1.1790 and rebounded from it. Thus, at the beginning of the new trading week, we can observe a downward correction. Important macroeconomic data will begin to come at the disposal of traders on Wednesday. On this day, the results of the Fed meeting will be announced, the comments of the Fed representatives on monetary policy and the speech of the Fed chief, Jerome Powell. In general, there will be something to pay attention to. Moreover, there is a possibility of raising the key rate which in turn, can provide significant support to the US currency.

On Thursday, the annual data on GDP from the United States will be released. Also, on Friday, there will be reports on the change in spending and income of America's population. In the European Union, it will be possible to pay attention only to the consumer price index during the whole week and it will be possible to pay attention only to the consumer price index, which is expected to be published on Friday, even this is only a preliminary value for September. Thus, the main package of information will come from the United States. Also, do not forget to track Trump's speeches and messages, which this week may again start criticizing the Fed for too tight monetary tightening. It can provide significant support to the US currency.

Trading recommendations:

For this week's trading, the EUR / USD pair, it is recommended to consider long positions with the target of 1.1979, if traders manage to overcome the first target of 1.1790. Otherwise, a downward correction to the Kijun-Sen line is expected.

It is recommended to consider to sell positions for the long term if traders return lower to the Kijun-Sen line area (1.1590). In this case, the pair can proceed to the formation of a new downtrend with the first goal at the support level of 1.1357.

In addition to the technical picture, one should also take into account the fundamental data and the time of their release.

Explanations to the illustration:

Ichimoku Indicator:

Tenkan-sen is a red line.

Kijun-sen is a blue line.

Senkou Span A is a light brown dotted line.

Senkou Span B - a light purple dotted line.

Chikou Span is a green line.

Bollinger Bands Indicator:

3 yellow lines.

MACD indicator:

Red line and histogram with white bars in the indicator window.The material has been provided by InstaForex Company - www.instaforex.com