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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EUR/USD is trading around 1.1191, rebounding after testing the -1/8 Murray zone, which has so far acted as strong support for the euro.
The euro is trading within the downtrend channel that has been forming since early September. If the currency pair continues to rise in the coming hours, we should expect the price to break above the 21 SMA. If EUR/USD consolidates above the 0/8 Murray level, a strong breakout could occur, and we could buy with targets at the 1/8 Murray level and finally at 1.1352, around the 2/8 Murray level.
If the euro encounters strong resistance around 1.1220—where the upper band of the downtrend channel is located—we could expect two scenarios: a breakout above the channel or a rejection. If a rejection occurs, it could be seen as an opportunity to open short positions in anticipation of the euro reaching the -2/8 Murray level around 1.1108 in the coming days.
On the H4 chart, we can observe the formation of a triple bottom, indicating that the euro has found a strong support zone. A recovery is likely in the coming days. To confirm this, we must monitor whether the price remains above 1.1169.
A consolidation above 0/8 Murray could reverse the bearish trend, leading to a recovery in the euro that could push the instrument toward the 200 EMA around 1.1418 and possibly even reach the psychological level of 1.15.
*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।
