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!
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The stagnation that manifested on Friday is expected to continue. It's not just that the macroeconomic calendar is empty, as it was at the end of last week, but there are also practically no speeches from representatives of the European Central Bank or the Federal Reserve System. Though the key word here is "practically," as today, European Central Bank President Christine Lagarde is scheduled to give a speech.
In theory, there is a chance of a significant market revival. The catch is that Lagarde's speech will take place quite late, at a time when even activity in the American market usually dwindles. So, it is highly unlikely that the words of the head of the European Central Bank will have any impact on anything, especially since she will be speaking at a meeting dedicated to the analysis of the annual report of the European regulator for the year 2022. Therefore, its significance is close to zero. At least from the markets' perspective, at the moment.
Based on the trading dynamics during February 22-23 for the EUR/USD pair, there is clear uncertainty in the subsequent direction. This is particularly evident in the daily timeframe, where the formation of doji candlesticks is noted. However, it is worth noting the stabilization of the price above the level of 1.0800, which is considered a positive sign for an increase in the volume of long positions on the euro.
On the four-hour chart and daily timeframe, the RSI is moving in the upper area of 50/70, indicating the possibility of subsequent accumulation of long positions.
On the four-hour chart, the Alligator's MAs are directed upward, corresponding to the current cycle.
Outlook
The existing stagnation above the level of 1.0800 may well indicate the process of accumulating trading forces. In this case, long positions on the euro may become relevant again in the market, allowing for its subsequent growth.
Regarding the downward scenario, an increase in the volume of short positions may occur if the price stabilizes below the level of 1.0800 during the day.
The complex indicator analysis in the short term indicates a standstill. Meanwhile, in the intraday period, indicators are oriented towards an upward cycle.
*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।
