USDX (USD Index)

U.S dollar index is threading lower toward 92.00 support level. The index is in imminent breakdown setup before ECB rate decision today. The weakness of the index becomes more apparent following previous week Non-farm employment dismal. Traders might stay sideline for now and wait for reaction at the 92.00 support level.

News to watch

07.45 AM EUR Minimum Bid Rate

08.30 AM ECB Press Conference

08.30 AM U.S Unemployment Claims, expected 245k benefit claimer

11.00 AM U.S Crude Oil Inventories, estimated an increase of 4.1 million barrels.

For full outlook for this week, you can follow Forex Outlook For The Week 4 – 8 Sep 2017

Technical Analysis

EUR/USD

The upward movement of EUR/USD stalled at 1.1925 as the price continues to close below it even though moved above the resistance. Following the ECB interest rate decision, EUR/USD might continue higher depend on the result. If EUR/USD move higher, it will target 1.2000.

Today critical level to watch:

Support: 1.1924, 1.1900, 1.1820

Resistance: 1.2000

GBP/USD

No change to current analysis in GBP/USD. The pair has claimed a level above 1.3000 and currently consolidating after Wednesday candlestick could not close above the preceding candle high. Traders could look for long position near 1.3000 if GBP/USD make price correction.

Today critical level to watch:

Support: 1.3000, 1.2930, 1.2900, 1.2870

Resistance: 1.3070, 1.3100

USD/JPY

USD/JPY managed to close above 109.00 again and put the scenario back to bouncing inside green area. There is ECB news today which will influence U.S dollar. If Euro strengthened after the news, it looks like USD/JPY might fall below 109.00.

Today critical level to watch:

Support: 109.00, 108.80, 108.10

Resistance: 110.00, 110.50, 110.94