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!
Borussia is one of the most titled football clubs in Germany, which has repeatedly proved to fans: the spirit of competition and leadership will certainly lead to success. Trade in the same way that sports professionals play the game: confidently and actively. Keep a "pass" from Borussia FC and be in the lead with InstaSpot!
A number of macroeconomic releases are scheduled for Thursday, but many of them have only a loud label and are unlikely to provoke strong market reactions in practice. The most interesting report is the third estimate of Q3 GDP in the US. Previous estimates showed high figures, but traders doubt the accuracy of those numbers. Economic growth can be achieved in various ways; currently, the US economy is growing not on the basis of high demand, rising prosperity, or increased industrial production. In addition to GDP, the producer price index will be published, which, for some reason, many treat as an important report on a par with inflation. The other releases attract much less interest. The UK and EU calendars are empty today.
During the penultimate trading day of the week, both currency pairs may resume upward movement, since downtrends were broken this week for both the euro and the pound. The euro can be traded today in the 1.1655–1.1666 range, and the pound sterling in the 1.3437–1.3446 range.
Support and resistance price levels — levels that serve as targets when opening buys or sells. Take Profit can be placed near them.
Red lines — channels or trendlines that reflect the current tendency and show which direction is preferable to trade now.
MACD indicator (14,22,3) — histogram and signal line — an auxiliary indicator that can also be used as a source of signals.
Important speeches and reports (always listed in the news calendar) can strongly affect a currency pair's movement. Therefore, during their release, trading should be done with maximum caution, or positions should be closed, to avoid a sharp price reversal against the preceding move.
Beginner forex traders should remember that not every trade can be profitable. Developing a clear strategy and effective money management are the keys to long-term trading success.
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