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!
EURUSD has dropped towards 1.0235, fresh swing lows, as bears tightened their grip on Tuesday. The single currency pair is seen to be trading close to 1.0255 at this point in writing and it might print yet another shallow low towards 1.0200 in the near term. Bears need to hold prices below the 1.0616 initial resistance to remain in control going forward.
EURUSD has been dropping from the 1.2350 high since January 2021 as seen on the daily chart here. Bears have been successful in breaking below significant support at 1.0350-52 since December 2016. A high probability remains for a pullback rally from current levels. However, kindly note that the next target could be towards parity levels.
EURUSD's price drop has been accompanied by a strong bullish divergence on the daily RSI as seen on the chart presented. It could be an indication of a potential trend reversal soon. With regards to price action, bulls need to take out the 1.0616 resistance to confirm that they are back in control and that the trend has potentially reversed.
EURUSD is facing short-term price resistance at around 1.0450 as marked on the 1-hour chart. Bulls need to push through the above initial resistance to confirm a potential trend reversal and that they are back in control. Until the 1.0450 resistance is intact, the potential remains for yet another low below 1.0235 in the near term.
Preparing for a potential trend reversal soon.
Good luck!
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
InstaSpot analytical reviews will make you fully aware of market trends! Being an InstaSpot client, you are provided with a large number of free services for efficient trading.
