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!
Although we are expecting an incredibly busy week, the first part of it will be incredibly dull and quiet. That is unless something unexpected happens like sudden changes in the rhetoric of European Central Bank representatives. Several officials are scheduled to speak today. However, it is highly unlikely that any of these officials will suddenly announce a rate cut during the upcoming ECB meeting. So, we expect the single currency to trade in a relatively narrow range, as it did throughout the past week.
During the pullback phase, EUR/USD returned to the level of 1.0800, which it previously passed. The area where December's local low is located acts as support for the bears. This is where the volume of long positions had recently increased.
On the four-hour chart, the RSI technical indicator is hovering in the upper area of 50/70, which points to the growth in the volume of long positions.
Meanwhile, the Alligator's MAs are intertwined in the 4-hour chart, indicating a slowdown in the downward cycle.
In order to increase the volume of long positions, the price must settle above the level of 1.0800. This may point to the recovery process in the euro. Regarding the bearish scenario, the level of 1.0800 may serve as resistance for the bulls. In this case, traders may attempt to update the local low of December.
The complex indicator analysis points to a pullback phase in the short-term and intraday periods.
*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.
