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The euro fell markedly against the US dollar after the publication of the European Commission's report, which is expected to slow the Eurozone economy in 2019. The European Commission lowered the GDP forecast in the Eurozone from 2% to 1.9%. After the meeting, the US Federal Reserve's Open Market Committee (FOMC) accelerated the pair's descent. As expected, the FOMC decided to leave key interest rates in the country in the range of 2.00%-2.25%. The Committee confirmed its forecast for a gradual increase in interest rates. The statement that risks would remain balanced was present in the September statement, and remains intact. The next meeting is scheduled for December. Another rate hike is expected later this year. You can practice forex demo contest here! Day's news (GMT+3): 10:45 France: industrial output (Sep). 12:30 UK: GDP (Q3), total business investment (Q3), industrial production (Sep), trade balance (Sep), construction (Sep). 16:00 UK: NIESR GDP estimate (Oct). 16:30 US: PPI (Oct). 18:00 US: Michigan CSI (Nov). 21:00 US: Baker Hughes US oil rig count. Fig 1. EURUSD hourly chart Current situation: Our forecast for the high and low was accurate. I did not consider the jump from the high (1.1447). I expected a fall to the trend line on Friday, while sellers passed this yesterday. In addition, there was a breakout of the upwards channel and the area around the 112th-135th degree acted as a support. I did not make a forecast for Friday due to the conflicting situation we have. The price may fall to 1.1313, or via a correctional movement under the trend line. There is no important news scheduled for today for the euro, and should the euro strengthen to 1.1375, that could cancel the bearish scenario. Source: https://alpari.com/en

Expect a rally towards 1.2503 and may break even higher. If this level should be broken to the lower side, then we expect a possible momentum to the lower side with our target being 1.2194. A break below 1.2320 will push the price further to the lower side with the next target being 1.2194. Wait for a possible buy position around 1.230 towards 1.2503.

On Thursday the 9th of August, trading on EURUSD closed down. Bears resumed the downtrend after the break of the trend line at 1.1582. By the close of trading, the euro fell to 1.1526, surpassing Monday's low (1.1530). In the first half of the day, the major currencies were under pressure against the US dollar due to the collapse of NZD. It crumbled following the RBNZ's interest rate meeting in which the regulator decided to keep rates at the current level until 2020. Before the opening of the US session, bulls tried to win back losses, but were crushed by the statements of FRB of Chicago President Charles Evans, who said he admits the possibility of two increases by yearend. Fig 1. EURUSD hourly chart. Source: TradingView Current situation: The bears broke the trend line at 1.1530 and the 45th degree (1.1574). I will write about the reasons behind the drop in the afternoon review. It stopped at the 90th degree. Technically, nothing is keeping the price from sliding down to 1.1495. On the weekly chart sellers haven't been able to pass 1.1510 since May. You can short the euro for a few weeks once the price falls below 1.15. For today, we have a correction to 1.1550 , from 1.1560. Purchases are risky, so the risk to the deal needs to be reduced by 2-3 times. The stochastic oscillator is on top in the sell zone, so we do not know whether we will drop to 1.1520 or make a new Asian session low. The stochastic signal will be perceived by the trend, so it is unlikely that sellers will ignore it on the hourly timeframe. Today, traders' attention will be focused on British data and US CPI data. See more the best forex trading strategy in Alpari.com

USDJPY is facing the resistance of descending price channel on daily chart. As long as the channel resistance holds, the rise from 108.13 could be treated as consolidation of the downtrend from 118.66, and another fall towards 106.00 could be expected after the consolidation. On the upside, a clear break out of the the channel resistance will indicate that the downward movement from 118.66 had completed at 108.13 already, then the following upward movement could bring price to 120.00 area. by ForexCycle.com

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