News, Trends & Analytics 08.09.2020

Why did Saudi Arabia collapse the oil market again?

Today in the spotlight — Turkish troops approached the border with Greece, sanctions may be imposed against Russia, as well as a decline in oil prices.



09:30 UTC

A preliminary report on the GDP growth rate of the European Union for the second quarter of 2020 will be published. A decline of 12% is expected. If the real data turns out to be worse, the EUR will come under pressure.

Assets to trade: EUR/USD, EUR/JPY, EUR/CAD



Saudi Arabia has cut oil prices for Asian countries. Affects Brent

The threat of new sanctions arises around Russia. Affects RUB

China is experiencing strong export growth. Affects the S&P 500

Disagreements between the EU and the UK could derail a trade deal. Affects GBP

Turkish media reported about the concentration of troops on the land border with Greece. Affects TRY


Technical Analysis


Saudi Arabia has lowered the cost of oil supplied to Asia. Bloomberg reports that such actions by the largest exporter indicate a high probability of a deterioration in the market.

The asset’s chart found support at 42, where the quotes passed below the Fibonacci level. This situation allows the asset to return to a positive trend.


The asset price chart has formed a “triangle” pattern, which indicates gradual preparation for a large-scale trend. We believe that a more likely scenario is an increase in quotes, since tensions in the world continue to grow.


The currency pair adheres to the borders of the descending channel, therefore, in the current situation, we expect a downward trend reversal.

EUR/GBP on this day in history

  • Since 2000, Sept 8th has been a trading day 13 times.
  • On 53% of those days, the asset finished trading with growth.
  • The maximum strengthening range was 0%.
  • The downward trend was limited to 0%.
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