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EUR/USD Could Resume Decline While USD/JPY Aims Higher EUR/USD extended its increase before it faced sellers near 1.1910. USD/JPY is rising and it might revisit the 110.40 resistance zone. Important Takeaways for EUR/USD and USD/JPY The Euro failed to gain pace above 1.1900 and started a downside correction. There was a break below a major bullish trend line with support near 1.1875 on the hourly chart of EUR/USD. USD/JPY started a fresh increase and it cleared the 110.00 resistance zone. There was a break above a key bearish trend line with resistance near 109.95 on the hourly chart. EUR/USD Technical Analysis This past week, the Euro saw a steady increase above the 1.1800 zone against the US Dollar. The EUR/USD pair broke the 1.1850 resistance to move into a positive zone. The pair even spiked above the 1.1900 level, but it failed to extend gains. A high was formed near 1.1908 on FXOpen before the pair started a fresh decline. There was also a break below a major bullish trend line with support near 1.1875 on the hourly chart of EUR/USD. The pair traded as low as 1.1837 and it is now consolidating losses. An immediate resistance is near the 1.1855 level. It is near the 23.6% Fib retracement level of the recent decline from the 1.1908 swing high to 1.1837 low. The first key resistance is near the 1.1865 level and the 50 hourly simple moving average. The 50% Fib retracement level of the recent decline from the 1.1908 swing high to 1.1837 low is also near 1.1865. A close above 1.1865 could open the doors for a steady increase towards 1.1900. If there is no break above 1.1865, the pair might continue to move down. An immediate support is near the 1.1840. The next major support is near 1.1820, below which the pair could drop towards the 1.1750 support in the near term. Read Full on FXOpen Company Blog...

NATURAL GAS SETTING NEW RECORDS IN THE US AND EUROPE On Monday, September 6, US natural gas futures reached the mark of $4.7 per million Btu. This is the highest index since December 2018. Such a hike in gas prices was triggered by Hurricane Ida: production in the Gulf of Mexico is not going according to plan. The demand for home air conditioning is likely to remain as strong, since it will be as hot in early September. In Europe, the gas price has climbed even higher due to shortage fears. The threat of shortage stems from the fact that Russia, the largest gas supplier to Europe, has refused to book large volumes of gas pumped through pipelines in Ukraine ahead of the completion of the Nord Stream 2 pipeline. From a technical point of view, the chart shows that gas prices have reached the overbought level and the line of the long-term upward channel. This increases the likelihood of a rollback. Whether you would like to take a risky position against an uptrend, or wait for a pullback (for example, closer to the strong support of 4.200 or 4.500) to enter a long position at the end of it, FXOpen is ready to be your reliable partner. FXOpen Telegram Channel

Eurozone Inflation at 10-Year High Ahead of the September ECB Meeting Inflation is running hot all over the world, and the Eurozone could not differ. Ahead of the ECB meeting scheduled this Thursday, the inflation rate in the Euro area reached a 10-year high. Unlike the Federal Reserve of the United States, the ECB has only one mandate – price stability. The ECB measures price stability by bringing inflation below but close to 2%. It recently adjusted its target to a more symmetrical one, something similar to the average inflation targeting in the United States. But the bottom line is that the ECB only looks at inflation before changing its monetary policy. The Fed, on the other hand, looks at inflation and job creation. Therefore, while inflation is way above the target in the United States, the Fed will not act on rates until the job market recovers. As we saw last Friday, the last NFP report disappointed – the U.S. economy only created one-third the jobs the market expected. The Euro Trades with a Bid Tone Ahead of the ECB Meeting The common currency, the euro, bounced recently from its lows. The EUR/USD exchange rate is up from below 1.17 and traded briefly above 1.19 after last Friday’s NFP report in the United States. Similar to the EUR/USD, the EUR/JPY is in a bullish trend too. It regained the 130 level and trades with a bid tone. The market expects that the ECB will signal the removal of its monetary accommodation, and thus the euro is bid against its peers. However, the risk is that the ECB will do nothing and the recent strength in the euro pairs will vanish. All in all, an interesting week for financial markets lie ahead. Inflation is a problem in Europe, and the ECB will likely reiterate its view that inflation is transitory. If that is the case, and the ECB does nothing to address inflation fears, the euro bulls will be disappointed. FXOpen Blog

NO SIGNIFICANT RESISTANCE ON BITCOIN’S PATH TO $100,000 Bitcoin will continue the rally that started in August, and after successfully breaking through the psychological resistance level of $50,000, it could further grow to reach $100,000 with minimal resistance, says Bloomberg's analyst and strategist Mike McGlone. “After enduring a gut-wrenching correction, we see the crypto market more likely to resume its upward trajectory than drop below the 2Q lows. What could stop Bitcoin and Ethereum from achieving record highs in 2H may be the more elusive question. Increasing demand and adoption are facing diminishing supply,” McGlone wrote in his report. Meanwhile, JPMorgan analysts have warned the investors about the “frothy-looking” crypto markets and unstable prices over the long term. They have also noted that the factors boosting the BTC price include continued interest from institutional investors and the general public. The chart seems to confirm this optimism. An inside bar with low volumes was formed on Saturday, and on Sunday, the price rose paired with increasing volumes. Taking into account the decline in activity typical for a weekend, we see an indication that the market is more interested in rallying than balancing around the 50k level. FXOpen Telegram Channel

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