Afternoon market update 28 09 2021:
EUR economic news for today is ECB President Lagarde Speaking tonight at 20:00 GMT+8 with recent dovish tones out from the EUR President recently. When considered against the USD that has been moving higher selling opportunities on the EURUSD are possible, especially with the Fed Chair Powell Testifying at 22:00 tonight GMT+8 setting the tone for a further push higher on the DXY as tapering approaches. A point to consider will be if this is adjusted based on the debt ceiling situation still not worked out with US congress throwing a spanner in the works for markets to consider. The EURUSD is offering selling opportunities if price can get to 1.1680 using a 20 pip stop loss and 40 pip take profit, during the Australian session risk sentiment was firmly off as the DXY trades at the 93.50 resistance level. The EURGBP is offering selling opportunities if price can get back below 0.8538 with a watch on the GBPUSD to see if this can show signs of price moving higher, given the recent weakness in the EUR a clear divergence needs to be seen for a sell trade to be taken on the EURGBP. An entry on the EURGBP short can be taken if price can get to 0.8520 using a 30 pip stop loss and a 40 pip take profit. Watch from 20.40 to 31.23 for Gim Hong’s NZDCHF buy trade recap that he took last month and understand how he managed the position for a 100 pip profit.

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By Scott Andrews

Scott Andrews is an Australian based trend and swing trader using the daily, 4 hour and 1 hour time frames. He has previously worked in China as a performance coach for their Winter Olympic Team at the time refining his trading skillset. and runs a YouTube channel discussing his thoughts on markets as well as being the Account Manager (Australia) for ForexBriefcase. Recently Scott took on the role as Trading Coach for LCMS Traders.

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