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China’s state news agency, Xinhua, reported on Saturday that both the US and Chinese trade teams had “constructive” discussions in Washington, as cited by Reuters. Xinhua added that the US and China agreed to keep communicating on related issues, and discussed the details of the next round of trade talks in October. However, no details of the discussions were provided by the Chinese news outlet. This comes despite the overnight reports that China’s agriculture delegation canceled the US farm visit to Montana and they returned to China sooner than expected. The above headlines sent the risk sentiment tumbling in the US last session, knocking-off the stocks in tandem with the Treasury yields. USD/JPY lost nearly 40-pips to close the week near four-day lows of 107.53. US Pres. Trump: Agricultural purchases will not be enough, we want a complete deal

EUR/USD ends the week in the lower part of its range but struggle to generate any meaningful breakdown.The level to beat for bears is the 1.1000 handle.     EUR/USD daily chart   The common currency, on the daily chart, is trading in a bear trend below its main daily simple moving averages (DSMAs). The Euro ends the week stuck in a two-week trading range as investors are waiting for the next catalysts. There will be a plethora of news announcements next week, including the Gross Domestic Product in the United States. Therefore, there is potential for volatility and the current range may get broken. EUR/USD four-hour chart   EUR/USD is trading below its primary SMAs, suggesting a bearish bias in the medium term. The Euro has been ranging for most of the week. However, bears will probably try to break the 1.1000 handle to potentially reach 1.0965 and 1.0930 support level near the 2019 low, according to the Technical Confluences Indicator.          EUR/USD 30-minute chart   Bears will try to keep the market contained below 1.1023 resistance. However, if the bulls push through it, 1.1045 can come into play, but this is likely a weak resistance which will be easily be overcome opening the way to 1.1074 resistance, according to the Technical Confluences Indicator. Additional key levels  

West Texas Intermediate prices were trading -0.22% lower in the Wall Street close.West Texas Intermediate crude for October delivery lost by 4 cents, or 0.07%, to finish at $58.09.Can Saudi production be restored?West Texas Intermediate prices were trading -0.22% lower in the Wall Street close having edged lower from a high of $59.23 to a low of $59.97 while futures registered a sharp gain for the week, 6% higher and considerably higher on the attacks on Saudi Arabian production facilities last weekend which put into question how much spare capacity there will be left in the oil market leading to the biggest weekly gain in 3 months. As for futures, West Texas Intermediate crude for October delivery lost by 4 cents, or 0.07%, to finish at $58.09 a barrel on the New York Mercantile Exchange. The contract logged a 5.9% weekly advance, which was the biggest for the U.S. benchmark since the week ended June 21. Saudis revealed the extent of damages Oil eased back from the opening highs for the week through the 63 handle on the sentiment that Saudi production would be back to full capacity by the end of this month, according to official announcements made very early on after the first report of the weekend attacks. However, Saudis then revealed the extent of damages and the market now questions how quickly production can, indeed, be restored which will make for a volatile time ahead.  "In that context, energy market participants are anxiously awaiting an announcement from the Saudis on the geographic location of the cruise missiles launches which targeted the nerve center of the Kingdom's energy complex, along with any details about Pompeo's coalition response, which they hope will be peaceful," analysts at TD Securities explained: "That being said, we think crude oil is not ripe for unconditional love, and suspect that WTI prices ranging in the $58-60/bbl region seem appropriate for now. On the CTA front, trend followers are set to ramp up selling below $59.30/bbl, while in contrast, CTAs could cover shorts above $64.14/bbl." WTI levels The price dropped back from the 127.20% Fibonacci extension of the July swing highs to Aug swing lows and remains on the 58 handle, for the most part, rejected on attempts beyond the 59 handle.  A break to the downside will open prospects for the 61.8% Fibo and Aug resistance just below the 57 handle. On a re-escalation of fundamentals, the April highs at 66.58 will be a key target.
 

The Nasdaq Composite Index lost  65.20 points to reach 8,117.67, a decline of 0.8%.The Dow Jones Industrial Average lost 160.60 points, or 0.59%, at 26,934.19.The S&P 500 index dropped 14.89 points, or 0.5%, to 2,991.90.The technology sector dragged US stocks lower on Friday following the news that the Chinese delegation, visiting the US negotiators this week, cancelled plans to visit farms in Montana as a part of its negotiations with the U.S. delegation - President Trump declared he would not accept a partial trade deal. The benchmarks closed in the red for the first weekly decline in a month and the Dow Jones Industrial Average lost 160.60 points, or 0.59%, at 26,934.19, while the S&P 500 index dropped 14.89 points, or 0.5%, to 2,991.90. The Nasdaq Composite Index lost  65.20 points to reach 8,117.67, a decline of 0.8%. US data will also be key Looking ahead to next week, US data will be a keen focus following the Federal reserve's announcements earlier in the week. "The Markit PMI will offer a preliminary first look at countrywide manufacturing activity for September, with the market looking for an unchanged print at 50.3. This stands in contrast with the ISM manufacturing reading, which dipped below 50 in August. Conversely, the preliminary Markit services PMI is projected to have advanced to 51.5, up from 50.7 in August," analysts at TD Securities explained. DJIA levels The bearish dojis have weighed on the index and the DJIA had dropped back below the 4-hour 21 moving average casting a bearish outlook for next week's open. Bears can then target the 21-day moving average, the 50 and then the 200-day MA (25756). Further below lies the May and June lows on the wide in the 24700s as a double-bottom target.