03.09. Fresh trading analysis: rising European markets, new stimulus package in France

Thursday, September 3rd, today’s news—European shares hit one month-high on the positive US data, ahead of new retail sales and service sector figures. France plans to spend 100 billion euros on a new stimulus package, the dollar is stronger, American markets are quiet following the growth. The price of Brent oil is $43.72, WTI—$40.84. EUR/USD is at 1.1823, GBP/USD—1.3300, gold is $1,941.55 per ounce. Read the daily selection of analytical reviews from Grand Capital experts to navigate the market during a time of volatility.

USDCHF analysis

The overall trend is downward. A bearish divergence is forming on Awesome Oscillator, and Stochastic Oscillator showed an exit from the overbought zone. Keep track of the price in real time.

Trading recommendations: buy when a 1-2-3 downtrend pattern is formed, where wave 1 breaks the inclined channel of the downward pattern.

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EURUSD technical analysis

The pair remains within the “rising flag” pattern for now. It is likely to test 1.1790. One negative factor is the weak new jobs data from ADP, another is the low inflation, which may force the ECB to come up with something new to stimulate the growth of inflation and support the region’s economy. Keep track of the price in real time.

Trading recommendations: the pair will test 1.1790. If it goes below this level, it will continue to drop to 1.1700–05. If the price remains above 1.1790, it will reverse locally and go up to 1.1900, and then to 1.1990 and 1.2000.

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Trading ideas for PJSC Magnitogorsk Iron and Steel Works

The “long-legged doji” candlestick pattern has formed on the H4 level timeframe from the support level of 37.30. This candlestick pattern points at a likely reversal. Stochastic Oscillator indicates an oversold position, and Awesome Oscillator shows a bullish divergence. Keep track of the price in real time.

Trading recommendations: buy when an ascending pattern 1-2-3 is formed, where wave 1 breaks through an inclined channel.

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^{*Trading recommendations offered by analysts do not constitute a solicitation. Before starting to trade on currency exchange markets, please make sure that you understand the risks connected with the use of leverage and that you have sufficient level of training.}