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 rallied through the 1.0860-65 area intraday on Wednesday before turning lower post-FOMC. The single currency pair might have carved a lower top now and is looking to drag the price down towards 1.0500-50 soon.The structure remains bearish for the short term as the bears are poised to push the instrument down below 1.0535 at least.
EURUSD is within its last wave lower to 1.0500 which would then complete its larger-degree complex corrective structure from the 1.1035 highs earlier. The currency pair is retracing its previous larger-degree upswing between 0.9535 and 1.1035 and should find support around 1.0500-50, which is the Fibonacci 0.382 retracement of the above upswing.
EURUSD might have also completed its lower-degree upswing around 1.0860 which had begun from the 1.0640 lows earlier. Also, note that prices hit the Fibonacci 0.618 retracement of the recent downswing between 1.1093 and 1.0640 levels respectively. A high probability remains for the bears to come back in control from here.
A potential drop through 1.0500 to resume 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.
