Daily Market Charts and Analysis September 18, 2020


Here are the latest market charts and analysis for today. Check them out and know what’s happening in the market today.


Russia’s central bank held its benchmark interest rate unchanged at 4.25%. It was a move that came after a series of gradual easing for its currency, which showed that its conflict with Moscow is increasing. Of course, the bank didn’t hold off on possible rate cuts later this year. This could lead to the pair’s increase near-term. The euro recently broke through its resistance levels against the Russian ruble – if its climb continues, it could mean that the pair will have new resistance levels sooner. This is further proven by their 50-day moving average, which has been peaking for the past month or so against the stagnant 200-day moving average. It looks like bearish traders have locked and loaded despite the negativity surrounding economic figures seen in the month of August, notably even in its largest economy, Germany.



The falling inflation in the eurozone followed soon after the bloc announced that it witnessed a fall in energy and industrial goods prices in August. The rate came in at -0.2% in August, down from 0.4% in July. Only France managed to survive past the negative rates among the 19-country partnership. Core inflation also fell in the same month. These figures are projected to lead the euro currency down against its riskier counterparts, such as the Polish zloty. The pair’s 50-day moving average is looking to intersect with its 200-day moving average counterpart, giving the bears a chance to take the wheel. This is also largely thanks to Poland’s announcement that it seeks to help Belarus with a one billion-euro stabilization fund days after Russian President Vladimir Putin promised a $1.5 billion loan for Belarus. If approved, this could help the Polish economy in the long-term, even as it remains neutral on the rising tensions between Russia and Germany. 



The pair is going through a relatively sideways pattern, but its 50-day moving average is still far below its 200-day moving average. The euro is projected to test the pair’s current support levels despite the insistent surge in coronavirus cases in Sweden. This could largely be because more reports are speculating that Sweden could be leaving the European Union. Although investors believe that this is wouldn’t push through, they’re still bound to keep their money with the krone near-term. But there’s also the pressing concern that almost half of Italians don’t trust the European Union anymore. After the eurozone reported a negative inflation rate for the month of August, which reported a decline from 0.4% in July to -0.2%. This is bound to disappoint markets across the border, considering that Germany disappointed previously confident investors. France was the only economy out of 19 partners to escape deflation.



The Czech Republic will donate 100 thousand euros in financial aid to the suffering eurozone economy, Greece, after a migration facility had burned in Lesbos. The decision to distribute the money was made on Friday, two days after the fire broke out and nearly destroyed the whole property. The fire was apparently a desperate attempt to protest going to isolation after the long lockdown period in the country. As the best use for the financial aid is being discussed between both economies, investors are projected to assist the koruna’s lift against the single currency. The pair’s 50-day moving average is only hairs away from its 200-day moving average, showing that recent sentiments will be in favor of the latter currency of the pair. Moreover, the eurozone just reported an unforeseen negative inflation rate during the month of August. Its conflict with the British government will also sour the mood for the single currency.


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