EURUSD: Rise of the upstream channel – News and analysis

On Wednesday, September 5, operations with the euro closed. The volatility of the market was high during the European and American sessions. At the beginning of the European session, exchange rates in the single live currency fell against the dollar from 1.1608 to 1.1543. In the session of EE. The bulls of the euro raised the session from 1.1608 to 1.1640.

The dollar was pressured by the increase in the pound, which occurred on the back of a Bloomberg report indicating that the United Kingdom and Germany have decided to abandon certain demands, which should facilitate the parties to reach an agreement. This unexpected news fits with my market expectations, although I have not taken volatility into account.

News of the day (GMT + 3):

09:00 Germany: factory orders (July).
15:15 USA: change of employment ADP (August).
3:30 p.m. Canada: building permits (July).
15:30 EE. US: non-agricultural productivity (Q2), unit labor costs (Q2), initial applications for unemployment (August 31).
15:45 Eurozone: Lautenschläger speech by the ECB.
4:45 PM US: services Markit PMI (August).
17:00 US US: ISM non-manufacturing PMI (August), factory orders (July).
17:30 EE. US: change in the EIA crude oil reserves (August 31), speech by FOMC Williams member.

Fig 1. Hourly chart of EURUSD.

Current situation:

Now let's see the hour chart. Although the pair has deviated from my weekly projection, I have not removed it from the table because the rate has now returned to its projected level in the hour cycles. I have reviewed the cycles and nothing has changed. The couple deviated from the weekly screening a bit.

Given the price model of yesterday, I am prepared to consider the possibility of a double superior education, although the general technical panorama suggests a jump to the 67th grade. 1.1605 will act as support today. The market has been on the rise over the past few days, so do not expect volatility to go down and be prepared to see some complete setbacks from previous moves. I really do not have any commercial ideas to apply to my forecast. I think today, everyone will prepare for tomorrow's non-farm payrolls report.

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