Our team has over 7,000,000 traders!
Every day we work together to improve trading. We get high results and move forward.
Recognition by millions of traders all over the world is the best appreciation of our work! You made your choice and we will do everything it takes to meet your expectations!
We are a great team together!
InstaSpot. Proud to work for you!
Actor, UFC 6 tournament champion and a true hero!
The man who made himself. The man that goes our way.
The secret behind Taktarov's success is constant movement towards the goal.
Reveal all the sides of your talent!
Discover, try, fail - but never stop!
InstaSpot. Your success story starts here!
The euro is trading around 1.1671, below the 21-day SMA and within the uptrend channel that has formed since early August. EUR/USD could come under pressure in the coming days if it consolidates below the Murray 8/8 level.
The euro reached a high of 1.1710, a level that coincided with the upper band of the uptrend channel and also approached the Murray 8/8 zone, which represents strong resistance. We believe that we will look for opportunities to continue selling in the coming hours. Hence, the instrument will likely fall toward the Murray 6/8 level, around 1.1596, in the coming days.
Conversely, if the euro consolidates above 1.1677, we could expect a recovery in the currency pair, which might reach the 8/8 Murray level around 1.1718. If this happens, a triple top pattern could technically form, and a strong technical correction is likely to follow this rally.
If the euro falls below the 7/8 Murray level around 1.1657, we could see a rapid decline since there is no support until 1.1596. Therefore, a break below this zone could be considered a sell signal.
The Eagle indicator is showing a negative signal and has reached overbought levels; therefore, as long as EUR/USD trades below 1.1718, our outlook remains bearish for the coming days.
*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.
