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!
Overview :
A trend in the EUR/USD pair was argumentative as it was trading in a narrow sideways channel, the market showed signs of instability. Amid the previous events, the price is still moving between the levels of 1.0636 and 1.0780.
Resistance and support are seen at the levels of 1.0780 (also, the double top is already set at the point of 1.0780) and 1.0636 respectively. Therefore, it is recommended to be cautious while placing orders in this area.
So, we need to wait until the sideways channel has completed. The current price is seen at 1.0691 which represents a key level today. The level of 1.0725 will act as the first resistance today. Consequently, there is a possibility that the EUR/USD pair will move downside.
The structure of a fall does not look corrective. In order to indicate a bearish opportunity below the spot of 1.0725 - 1.0748, The level of 1.0725 coincides with 61.8% of Fibonacci, which is expected to act as a major resistance today.
Since the trend is below the 61.8% Fibonacci level, the market is still in a downtrend. Also, it should be noted that : - Buying happens in a long amount of time. - Selling happens in a short amount of time. - Buy inexpensive and sell expensive.
Overall, we still prefer the bearish scenario. Hence, if the pair fails to pass through the level of 1.0725, the market will indicate a bearish opportunity below the strong resistance level of 1.0725.
Sell deals are recommended below the level of 1.0725 with the first target at 1.0670. If the trend breaks the support level of 1.0670, the pair is likely to move downwards continuing the development of a bearish trend to the level 1.0636 so as to test the double bottom at the hourly chart.
The market is still in an downtrend. We still prefer the bearish scenario. In case a reversal takes place and the EUR/USD pair breaks through the support level of 1.0636, a further decline to 1.0603 can occur, which would indicate a bearish market. Overall, we still prefer the bearish scenario, which suggests that the pair will stay below the zone of 1.0725 today.
*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.
