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September 3, Market Overview – EURTRY, EURUSD and Gold in Focus

By:
Aziz Kenjaev
Published: Sep 3, 2020, 07:17 GMT+00:00

EURTRY retested June 18th resistance level at 8.82660 on September 1, where bears pushed the price to a correction forming an ascending triangle pattern.

EUR/USD

In this article:

EURTRY remains bullish as new closes are higher than the previous ones. One should wait for a structured confirmation of the triangle pattern or a breakout from the triangles upper edge. If the breakout is confirmed EURTRY will continue an uptrend towards 9.10 – 9.20.

EURTRY chart by TradingView

Gold remains bearish in short-term and bullish in long-term. Precious metal lost value this week as positive US economic data were announced. Correction might as well continue further towards $1915 and below that towards $1892.

Gold price on Overbit

EURUSD retraced on September 1 after setting up a new year-to-date high at 1.2010. Bears pushed the price down after the test of a dynamic resistance, rather weak Eurozone economic data and a stronger US data. Support levels to watch are 1.18100, which is a short-term dynamic support and 1.1750 which is a lower edge of an expanding diagonal.

EURUSD price on Overbit
For a look at all of today’s economic events, check out our economic calendar.

About the Author

Aziz Kenjaevcontributor

Technical analyst, crypto-enthusiast, ex-VP at TradingView, medium and long-term trader, trades and analyses FX, Crypto and Commodities markets.

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