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 is trading around 1.0743, below the 21 SMA and 200 EMA. We can see on the H4 chart that the euro made a strong bearish move after falling below 1.0864 and below the technical pattern.
Yesterday after the inflation data from the United States, the euro fell to the low of 1.0724, which represents a decline of more than 1.2%. This fall of the euro was triggered by the inflation data from the US. It suggests that investors expect that the Fed will continue to tighten its monetary policy and in turn, this could cause the euro to continue falling in the medium term.
Before the US inflation data, the euro was trading within a triangle pattern. A break of this pattern confirmed the bearish movement, also the strong resistance at 1.0864 acted as a strong top.
Currently, we see that the euro has consolidated around 0/8 Murray located at 1.0742. In case the euro trades above this area, a technical rebound is expected to occur in the coming days and EUR/USD could reach 3/8 Murray at 1.0803.
On the other hand, a consolidation below 1.0740 could be a sign of a further bearish movement and we expect the euro to weaken and reach -2/8 Murray located at 1.0681.
Technically, the euro is showing a bearish signal according to the eagle indicator. Because there was a strong bearish movement the previous day, it is expected that there will be a technical rebound from the current price levels that could cover more than 50% of this fall. So, the price could even reach 61.8% Fibonacci and then resume its bearish cycle.
Our trading plan is to buy above 0/8 Murray with targets 1.0772, 1.0803, and 1.0833. We expect a technical rebound in the EUR/USD pair in the coming hours due to the formation of a double bottom pattern.
*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।