The legend in the InstaSpot team!
Legend! You think that's bombastic rhetoric? But how should we call a man, who became the first Asian to win the junior world chess championship at 18 and who became the first Indian Grandmaster at 19? That was the start of a hard path to the World Champion title for Viswanathan Anand, the man who became a part of history of chess forever. Now one more legend in the InstaSpot team!
Borussia is one of the most titled football clubs in Germany, which has repeatedly proved to fans: the spirit of competition and leadership will certainly lead to success. Trade in the same way that sports professionals play the game: confidently and actively. Keep a "pass" from Borussia FC and be in the lead with InstaSpot!
EUR/USD continued to drop on Wednesday carving fresh swing lows around the 1.0160 mark as bears remained firmly in control. The pair crawled back above the 1.0200 handle at this point in writing. It needs to break above 1.0270-75 at least to confirm a potential bottom. The intraday support zone is seen around the 1.0130-40 mark for a bullish turn ahead.
EUR/USD produced a downtrend from 1.2350 highs since January 06, 2021, as seen on the daily chart. The entire drop is either complete at 1.0160 or is near to completion soon towards 1.0000. Either way, the downside remains limited from here as bulls prepare to come back in control soon. We are waiting for a bullish reversal signal on the daily chart to confirm.
EUR/USD declined below its December 2016 low at the 1.0350 mark completing the minimum requirement for the larger degree downswing since 2008. Furthermore, please note that recent lows around 1.0350 and 1.0160 have been accompanied by strong bullish divergences on the daily RSI (not shown today). Watch out for a break above the initial resistance at 1.0616 in the coming days to confirm a reversal.
EUR/USD might be looking bearish to most traders as it has dropped yet again from 1.0786 swing highs. But it should be noted that the euro remains close to a multi-year bottom formation around the 1.0000-1.0100 zone as it completes a larger degree corrective drop. Traders might be preparing for a major bottom formation and initiating fresh long positions soon.
Preparing for a bullish reversal. Wait for confirmation here.
Good luck!
*এখানে পোস্ট করা মার্কেট বিশ্লেষণ আপনার সচেতনতা বৃদ্ধির জন্য প্রদান করা হয়, ট্রেড করার নির্দেশনা প্রদানের জন্য প্রদান করা হয় না।
ইন্সটাফরেক্স বিশ্লেষণমূলক পর্যালোচনাগুলো আপনাকে মার্কেট প্রবণতা সম্পর্কে পুরোপুরি সচেতন করবে! ইন্সটাফরেক্সের একজন গ্রাহক হওয়ায়, দক্ষ ট্রেডিং এর জন্য আপনাকে অনেক সেবা বিনামূল্যে প্রদান করা হয়।
