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 continues to carve lower lows as the bears hit another one close to 1.0705 during the New York session on Tuesday. The single currency pair is seen to be trading close to 1.0735 at this point of writing as the bears prepare to come back in control again. Immediate price resistance is seen at 1.0600 as the bulls need to break higher to confirm any meaningful pullback.
EUR/USD has been within a larger-degree corrective phase after printing highs around 1.1275 in July 20203. The initial projected target for its corrective wave is toward 1.0600 and probably 1.0500 respectively. Also, note that 1.0600 is close to the Fibonacci 0.382 retracement of the earlier larger-degree rally between 0.9535 and 1.1275.
EUR/USD could be now working on its recent downswing between 1.0945 and 1.0705 as highlighted on the daily chart here. A pullback rally towards .10800 and 1.0859 remains possible. These are good resistance levels to re-enter on the short side. Only if prices break above 1.0945 initial resistance, the downside could be delayed further.
Potential downside targets continue towards 1.0600
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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