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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Many macroeconomic publications are scheduled for Monday, with some overlapping. Second estimates of S&P services-sector business activity indices for September will be published in Germany, the Eurozone, the UK and the US. However, these releases are not considered important and are unlikely to differ much from the first estimates. The ISM services activity index will also be published in the United States; it is always released as a single reading and is considered an important indicator. But will the market react to this report after Friday's events? We strongly doubt it. If the report is strong, the market will get a new reason to buy the dollar. If the report is weak, most likely nothing will happen.
Monday's key events include speeches by European Central Bank Chief Economist Philip Lane and Isabel Schnabel. After the September inflation report, ECB officials' hawkish bias should become firmer; however, the market still does not react to the ECB's rate hikes. Thus hawkish tones inside the ECB may harden, but this is unlikely to deliver any dividends to the euro.
The geopolitical backdrop still leaves much to be desired and is not getting better. The US and Iran are not conducting official negotiations at the moment, although Donald Trump said his team had a very good meeting with Iranian representatives at the UN General Assembly and that a deal could be signed after the US Congressional elections. However, the market does not believe such a rosy development. Over the weekend, it became known that Yemen began a military operation against the Houthis, and the Houthis continue to strike oil and gas facilities and tankers belonging to Saudi Arabia. Thus tensions in the Middle East are heating up again.
On the first trading day of the week, currency pairs can continue to decline calmly, since the move now does not depend on fundamentals, geopolitics, or macroeconomics. The euro can be traded today from the 1.1198–1.1218 and 1.1267–1.1275 areas, and the pound sterling from the 1.3259–1.3267 area. Volatility today may be low.
Price levels (areas) of support and resistance serve as targets for opening buy or sell trades or as sources of signals.
Red lines indicate channels or trend lines that show the current trend and the preferred trading direction.
The MACD indicator (14,22,3) — the histogram and signal line — is an auxiliary indicator that can also provide signals.
Important speeches and reports (listed in the news calendar) can significantly influence currency pair movements. Therefore, during their release, traders should approach trading with utmost caution, or exit the market to avoid sudden reversals against the preceding move.
Beginner forex traders should remember that not every trade can be profitable. Developing a clear strategy and practicing money management are key to long-term success in trading.
*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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