3 Forex Trading Opportunities You Don't Want to Miss

• The Foreign exchange fraud list in 2020EUR/USD pair is getting closer to an important demand zone
• GBP/USD could test an area near the 'correction equilibrium' zone
• Meanwhile, EUR/PLN's rally still has legs

As we move into September, financial markets are gearing up for potentially higher volatility after a relatively calm holiday season.

A busy macroeconomic calendar promises significant events, starting with the release of U.S. data on Wednesday. Following that, the upcoming meeting looms large, holding the potential to shape monetary policy in the eurozone for the months ahead.

Meanwhile, the Bank of England has been making noise about the possibility, and even the necessity, of further interest rate hikes in the UK. This matter will be up for discussion at the meeting scheduled for September 21.

On a different note, the National Bank of Poland's recent decision to reduce interest rates by 75 basis points had a substantial impact on the .

Keeping all that in mind, here are three trading opportunities in the forex market that traders can potentially take advantage of:

1. EUR/USD: Pair Approaches Support Level, Could Bounce

Turning our attention to the pair, it's currently trading within a descending price channel after breaking away from its previous uptrend. Sellers have their sights set on the demand zone slightly above $1.05 per euro as their primary target.

Depending on the evolving decisions and macroeconomic data, another scenario to consider is a potential upward breakout from the price channel, creating room for a new demand-driven momentum.

In this scenario, the initial local target would be the nearby resistance zone, around the $1.0930 price range.

2. GBP/USD: Will the Bank of England's Actions Help Maintain the Uptrend?

The Bank of England continues to maintain a hawkish stance, both in its statements and actual policy decisions. In its recent meeting, interest rates were raised by 25 basis points, in line with expectations, and this is unlikely to be the final rate hike.

From a technical perspective, bears are currently testing correction equilibrium, situated around the $1.2450 price range, with additional support coming from the supply zone.

Confirmation of the defense of this area would require breaking the local downtrend line while simultaneously surpassing the 1.26 level. In the medium term, the primary challenge for the bulls lies in the resistance zone around 1.32.

The continuation of the upward trend may be feasible if the Bank of England keeps raising interest rates while the Federal Reserve maintains a passive stance.

3. EUR/PLN: Upward Momentum Continues

Following the surprising decision of the National Bank of Poland to cut interest rates by 75 bps, the Polish zloty rapidly weakened against most currencies, including the euro.

Currently, the demand for the currency pair remains strong and shows no signs of reversing or slowing down.

The demand side has already broken through the resistance area at around 4.66 PLN per euro, and its next target could be the supply zone located at around 4.75 PLN per euro.

Given the magnitude of the surprise and the dovish tone struck by President Adam Glapinski during the press conference, along with his emphasis on the possibility of further rate reductions, it's highly probable that the EUR/PLN currency pair could move above the 4.70 level.

Additionally, it's important to consider the upcoming parliamentary elections in Poland, which are expected to have a significant impact on the future exchange rate of the Polish zloty, regardless of the election outcome.

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