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!
Federal Reserve Chair Jerome Powell gave an interview in which he bluntly stated that the US central bank is unlikely to have enough confidence about inflation to cut rates as soon as March due to mixed economic reports. However, this isn't the reason why the dollar significantly strengthened. Instead, it rose due to the economic data. The Labor Department said US employers added a whopping 353,000 jobs last month. Not only is this significantly more than the forecast of 175,000, but it is also noticeably higher than the number of new jobs needed to maintain labor market stability. In other words, the labor market continues to improve, despite the unemployment rate holding steady at 3.7%. So, there are persistent risks of overheating in the labor market. It is time to think about interest rate hikes instead of rate cuts. Although Powell claimed that interest rates had reached their peak. Therefore, we arrived at a simple conclusion: if the Fed does lower interest rates, it won't happen anytime soon. Clearly, later than spring, as all forecasts suggest. At best, it might not happen until summer. More likely, it might be in the fall. And this is the main reason why the dollar is confidently rising.
The dollar will likely strengthen today as well. This time, due to European economic reports. According to forecasts, euro area producer prices are expected to fall at an accelerated pace from -8.8% to -10.2%. Such a sharp decline indicates increasing risks of the European economy sliding into deflation. Although not long ago, Europe suffered from extremely high inflation, which is why the European Central Bank has tightened its monetary policy substantially. Now, inflation is confidently going down, and the Producer Price Index suggests the possibility of deflation. The ECB clearly has no choice but to start easing its monetary policy. Thus, by the time the Fed starts to lower its interest rates, the ECB will have already done so several times. And the interest rates in Europe are already lower than in the United States.
Amid intense speculative movement, EUR/USD has breached the support level of 1.0800. This has extended the current downward cycle in the market, which points to the increase in the volume of short positions.
On the four-hour chart, the RSI indicator is moving in the lower area of 30/50, which confirms an increase in selling volumes.
On the same time frame, the Alligator's MAs are headed downwards, aligning with the current cycle.
Keeping the price below the level of 1.0800 increases the bears' chances of witnessing further downward movement. However, it's worth considering that there are already technical signs of oversold conditions in the short term. This may have a negative impact on the volume of short positions.
The complex indicator analysis suggests a downtrend in the short-term and intraday periods.
*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।
