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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EURUSD dropped through the 1.0526 lows on Wednesday after reversing sharply lower from the 1.0694 highs earlier. The single currency pair is seen to be trading close to 1.0560 at this point in writing as the bulls prepare to come back in control. Prices are expected to push through 1.0694 to complete the corrective pattern.
EURUSD had earlier carved a larger-degree upswing between 0.9535 and 1.1030 as seen on the daily chart. The above upswing is being worked upon as prices are retracing lower towards 1.0100 going forward. Also, note that 1.0100 is the Fibonacci 0.618 retracement of the above upswing. Hence, a high probability remains for a bullish bounce from there.
EUR is setting up to produce a counter-trend rally within the larger-degree corrective drop towards 1.0100. The counter-trend rally is expected to drive the price to 1.0720 and up to 1.0850 levels respectively, before turning lower again. Ideally, prices should stay above the 1.0480-1.0500 zone to keep the bullish structure intact.
Potential short-term rally towards 1.0700, then lower again.
Good luck!
*这里的市场分析是为了增加您对市场的了解，而不是给出交易的指示。
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