The legend in the InstaSpot team!
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The past trading week ended with an empty macroeconomic calendar. There were no significant statistical data releases on Friday.
The EUR/USD pair almost reached the interaction area between various forces at the level of 1.0650/1.0680 during its inertial movement. Near this level, there was a decrease in the volume of short positions, which led to a slowdown in the downward cycle and the emergence of a rebound in the market.
GBP/USD also demonstrated intense downward movement, reaching the 1.2450 mark. In this area, there was a reduction in the volume of short positions. As a result, the decline stopped, and the market first experienced a period of stagnation, followed by a rebound relative to the previous decline.
Monday, as usual, is accompanied by an empty macroeconomic calendar. There are no expected significant statistical data releases in the European Union, the United Kingdom, or the United States.
Therefore, investors and traders are likely to rely on incoming news flows to make decisions in the market.
For a continued decline in the euro's exchange rate, the price must stay below the level of 1.0650 consistently. In such a scenario, the downward cycle will continue, and the price may reach new levels.
As for the upward scenario, it considers a gradual process of the euro's recovery relative to the recent decline. The area where the quote recently approached could serve as support in the market. In this case, an increase in long positions on the euro is possible, based on which the exchange rate may rise to at least the 1.0800 mark.
If the price firmly holds above the level of 1.2500, this may trigger a subsequent increase in the volume of long positions. In such a scenario, a gradual process of the British pound's recovery could begin, with the potential to reach the level of 1.2700.
As for the possibility of further decline, traders will consider this scenario if the price falls back below the level of 1.2450.
The candlestick chart type is white and black graphic rectangles with lines above and below. With a detailed analysis of each individual candle, you can see its characteristics relative to a particular time frame: opening price, closing price, intraday high and low.
Horizontal levels are price coordinates, relative to which a price may stop or reverse its trajectory. In the market, these levels are called support and resistance.
Circles and rectangles are highlighted examples where the price reversed in history. This color highlighting indicates horizontal lines that may put pressure on the asset's price in the future.
The up/down arrows are landmarks of the possible price direction in the future.
*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।
