Our team has over 7,000,000 traders!
Every day we work together to improve trading. We get high results and move forward.
Recognition by millions of traders all over the world is the best appreciation of our work! You made your choice and we will do everything it takes to meet your expectations!
We are a great team together!
InstaSpot. Proud to work for you!
Actor, UFC 6 tournament champion and a true hero!
The man who made himself. The man that goes our way.
The secret behind Taktarov's success is constant movement towards the goal.
Reveal all the sides of your talent!
Discover, try, fail - but never stop!
InstaSpot. Your success story starts here!
The EUR/USD pair continued its decline on Wednesday after consolidating below the 50.0% retracement level at 1.1745, heading toward the next Fibonacci level of 38.2% at 1.1666. A rebound from the 1.1666 level would favor the euro and lead to some growth toward 1.1745. Consolidation below 1.1666 would increase the likelihood of further decline toward the 23.6% retracement level at 1.1568.
The wave situation on the hourly chart currently raises no concerns. The last completed upward wave broke through six previous peaks, while the new downward wave has not come close to the last low. A two-week truce between Iran and the United States supported the bulls, allowing them to form a strong upward wave. Thus, the trend is currently "bullish." In the near future, the geopolitical backdrop may worsen again, which would give the bears more strength and confidence. However, to break the bullish trend, two downward waves or a break below the April 6 low will be required.
On Wednesday, there was no economic data, but news continued to come from the White House and the Middle East throughout the day. Iran once again rejected Washington's proposal to hold a second round of negotiations, while Donald Trump decided to extend the truce indefinitely and later stated that the war in Iran has no deadline. The U.S. president believes that setting time frames would only complicate already difficult relations with Iran, and there is no need to rush negotiations with Tehran. Trump confirmed that the blockade of Iranian ports will remain in place until the parties to the conflict are able to sign an agreement. Earlier, the U.S. president refused to lift the blockade, believing that doing so would make reaching an agreement impossible. Iran has not yet responded to Trump's latest statements, and currency traders also prefer to wait for more significant information than "we will wait." Nevertheless, bearish traders are currently in a more favorable position, as the conflict is once again shifting away from a path toward truce and back toward escalation.
On the 4-hour chart, the pair rebounded from the 38.2% retracement level at 1.1849, reversed in favor of the U.S. dollar, and declined toward the 61.8% Fibonacci level at 1.1706. Consolidation below 1.1706 would allow traders to expect continued decline toward the next corrective level of 76.4% at 1.1617. A rebound from 1.1706 would favor the euro and lead to some growth toward 1.1778. No emerging divergences are observed on any indicator today.
Commitments of Traders (COT) report:
During the latest reporting week, professional traders opened 13,693 long positions and closed 19,866 short positions. Over the past seven weeks, the bulls' total advantage has evaporated. The total number of long positions held by speculators is now 214,000, while short positions stand at 188,000. Two months ago, the bulls' advantage among non-commercial traders was more than double.
Overall, in the long term, large players continue to show strong interest in the euro. Of course, various global events—of which there has been no shortage in recent years—affect investor sentiment. In particular, the market's attention remains focused on the Middle East, where the war has only been paused, not ended. Thus, in the near future, the euro and dollar exchange rates will depend not on Federal Reserve or ECB monetary policy or economic data, but on the war in Iran. The dollar can still expect to benefit from this situation.
News calendar for the United States and the European Union:
On April 23, the economic calendar contains seven entries, with the greatest interest focused on the Eurozone PMIs. The impact of the news background on market sentiment on Thursday is again expected to be weak.
EUR/USD forecast and trading tips:
Selling the pair was possible after a rebound from the 1.1824 level on the hourly chart and after consolidation below 1.1745. The current target is 1.1666. I recommend buying on a rebound from 1.1666 with a target of 1.1745. Trader activity has been low in recent days.
Fibonacci levels are built from 1.2082 to 1.1410 on the hourly chart and from 1.1474 to 1.2082 on the 4-hour chart.
*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।
