09.09.202016:08 Forex Analysis & Reviews: Comprehensive analysis of movement options for EUR/USD & GBP/USD (Daily) on September 10, 2020

Minor operational scale (Daily)

Will the US dollar recovery continue? Options for the development of the movement of EUR/USD & GBP/USD on September 10, 2020.

____________________

Euro vs US dollar

The single European currency EUR/USD from September 10, 2020 will develop its movement depending on the direction of the breakdown of the boundaries of the equilibrium zone (1.1685 - 1.1750 - 1.1830) of the Minute operational scale fork - details of movement within this channel balance zone are shown on the animated chart.

If the breakout from the median line Minute - support level of 1.1750 - the movement of EUR/USD will continue to the upper border of ISL38.2 (1.1830) of the equilibrium zone of the Minute operational scale fork, at the breakdown of which the upward movement of this currency instrument can be continued to the borders of the channel 1/2 Median Line Minute (1.1900 - 1.1945 - 1.1990) with the prospect of updating the maximum 1.2011 and reaching the UTL control line (1.2060) of the Minor operational scale fork.

In the breakdown of the support level of 1.1750 on the Median Line Minute, the movement of the single European currency will continue to the lower border ISL61.8 (1.1685) of the equilibrium zone of the Minute operational scale fork, and if the breakdown of ISL61.8 Minute (1.1685) takes place, then the continuation of the development of the downward movements within the channel 1/2 Median Line (1.1705 - 1.1600 - 1.1505) of the Minor operational scale fork.

Options for EUR/USD movement from September 10, 2020 are shown on the animated chart.

____________________

Great Britain pound vs US dollar

The movement of Her Majesty's currency GBP/USD from September 7, 2020 will also continue to develop in the equilibrium zone (1.2775 - 1.2915 - 1.3045) of the Minute operational scale fork - details of working out the above levels are shown on the animated chart.

If the rebound from the Median Line Minute - support level of 1.2915 - the upward movement of Her Majesty's currency will continue to the targets:

• upper limit ISL38.2 (1.3045) of the balance zone of the Minute operational scale fork;
• channel 1/2 Median Line Minute (1.3140 - 1.3220 - 1.3300);
• upper limit of ISL61.8 (1.3495) of the balance zone of the Minor operational scale fork;
• with the prospect of reaching the UTL control line (1.3600) for the Minute pitchfork and the RL161.8 Minor reaction line (1.3650).

A breakdown of the median line Minute support level of 1.34881 will determine the movement of GBP/USD to the lower border of ISL61.8 (1.2775) of the equilibrium zone of the Minute operational scale fork, at the breakdown of which the downward movement can be continued to the final line FSL Minute (1.2340) with the prospect of updating the local minimum of 1.2251.

We look at the options for the movement of GBP/USD from September 10, 2020 on the animated chart.

____________________

The review is compiled without taking into account the news background, the opening of trading sessions of the main financial centers and is not a guide to action (placing "sell" or "buy" orders).

Formula for calculating the dollar index:

USDX = 50.14348112 * USDEUR0.576 * USDJPY0.136 * USDGBP0.119 * USDCAD0.091 * USDSEK0.042 * USDCHF0.036.

Where the power coefficients correspond to the weights of currencies in the basket:

Euro - 57.6 %;

Yen - 13.6 %;

Pound - 11.9 %;

Canadian dollar - 9.1 %;

Swedish Krona - 4.2 %;

Swiss franc - 3.6 %.

The first coefficient in the formula brings the index value to 100 on the start date – March 1973, when the main currencies began to be freely quoted relative to each other.