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!
EUR/USD seems to have finally bottomed around 1.0450 last week. The single currency pair initially rallied through the 1.0540-50 range, followed by a sharp corrective decline to 1.0480 last Friday. The bulls were quick to regain control and managed to push prices through 1.0595 before beginning to pull back.
EUR/USD has now carved a larger-degree downswing between 1.1275 and 1.0450 in the past few weeks. It would be normal for prices to retrace the above pushing prices higher at least through 1.0770. Having said that, a high probability remains for a rally through 1.0950 as well, which is the Fibonacci 0.618 retracement of the above downswing.
EUR/USD is currently trading close to 1.0555 and could slip to 1.0525-30 to find intraday support. The bulls will remain poised to come back in control from there and push prices through 1.0770. Only a consistent break below 1.0450 will void the above bullish structure and bring back the bears in control.
A potential rally towards 1.0770 and 1.0950 is underway now.
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.
