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!
Euro rose on Monday after reports indicated that the decline in retail sales in the euro area slowed from -2.8% to -2.3%. However, the figure is still worse than the forecast, which is -1.2%.
The scenario is very similar to what happened with pound last Friday, when it actively grew despite the lack of any apparent reason. This seemingly hints that the market is now guided by technical factors, especially since euro rose to highs in early March, forming a channel within 1.06-1.07. And since central banks may correct their actions this month, nobody is going to take risks, so quotes are likely to remain at this area for a while.
Retail sales (Europe):
Although there are obvious similarities between euro and pound, their movements are not synchronous. For instance, euro looks to be catching up with pound, but it actually hit the upper limit of the range, while pound was just standing still. Perhaps, pound will follow such an increase today, going up to 1.2150. Euro, on the other hand, may show a slight decline. In any case, only technical factors matter today as the macroeconomic calendar is completely empty.
EUR/USD continues to rise, indicating a possible recovery from the downturn last February. Staying above 1.0700 could lead to further gains, while a decline could bring the pair to 1.0600/1.0700.
As for GBP/USD, it is frozen around 1.2000, but is moving sideways in the range of 1.1920/1.2150. Staying above 1.2050 will open the way towards 1.2150.
*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.
