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!
The EUR/USD pair climbed as much as 1.0874 today where it has found resistance. Now, it stands at 1.0822 at the time of writing. The price action signaled exhausted buyers as the Dollar Index rebounded.
Fundamentally, the German WPI reported a 1.6% drop today versus the 0.3% drop estimated. Today, the Canadian CPI could have a big impact on the USD as well. In addition, the US Empire State Manufacturing Index, Eurozone ZEW Economic Sentiment, German ZEW Economic Sentiment, and the German Final CPI could move the price.
Technically, the EUR/USD pair registered only a false breakout above 1.0867 and has now turned to the downside. It has dropped through the uptrend line signaling exhausted buyers and announcing a potential downside movement.
In the short term, it's trapped between the 1.0867 and 1.0780 levels. Escaping from this pattern could bring us great opportunities.
Personally, I've drawn a descending pitchfork, so the upper median line (uml) represents a dynamic resistance. A new lower low, bearish closure below 1.0780 activates more declines and is seen as a bearish signal.
*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.
