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!
On Wednesday, the EUR/USD currency pair surged upward. There were objectively no local reasons for such a development. The rise of the euro started long before Christine Lagarde's speech (which, by the way, did not include anything significant) and well ahead of the publication of the FOMC minutes (which is generally considered a formal event). Thus, the European currency showed growth solely due to global factors we discuss almost every day. The upward trend persists on lower timeframes. What else should we expect if not growth? On higher timeframes, the upward trend continues, and movement within the sideways channel from the lower boundary to the upper persists. What else should we expect if not growth? The dollar currently lacks any supporting factors. We believe the European currency may continue to rise in the medium term, even without local support.
On the 5-minute timeframe, two buy signals were formed on Wednesday, from which traders could have made a decent profit. Volatility increased, and signals began to appear that yielded gains. At the very start of the European trading session, the price broke above the 1.1584-1.1594 range, allowing traders to open long positions. Breaking the 1.1655-1.1665 range allowed novice traders to maintain their longs or take profits at their discretion.
On the hourly timeframe, the EUR/USD pair continues to form an upward trend. Considering all the events of recent months, we believe that the European currency should continue its confident growth even without local support. In recent months, the market has stubbornly ignored numerous factors in favor of the euro, which is why we continue to anticipate upward movement.
On Thursday, novice traders may consider short positions targeting 1.1584-1.1594 if price consolidates below that range. Long positions can remain open after breaking above the 1.1655-1.1665 range, targeting 1.1745-1.1754.
On the 5-minute timeframe, the following levels should be considered for trading: 1.1366-1.1377, 1.1461-1.1474, 1.1527-1.1531, 1.1584-1.1594, 1.1655-1.1665, 1.1745-1.1754, and 1.1830-1.1837. On Thursday, there are no important events or publications scheduled in either the Eurozone or the U.S.; however, there were also very few yesterday. Thus, today's upward movement of the European currency may continue. Traders should base their actions on the technical picture.
Support and resistance price levels (areas) are the targets when opening buy or sell orders or sources of signals.
Red lines denote channels or trend lines that reflect the current trend and indicate in which direction trading is currently favored.
The MACD indicator (14,22,3) – histogram and signal line – is a supporting indicator that can also be used as a source of signals.
Important speeches and reports (as listed in the news calendar) can significantly influence the movement of the currency pair. Therefore, during their release, trading should be approached with utmost caution, or one should exit the market to avoid sharp price reversals against the preceding movement.
Beginners in Forex trading should remember that not every trade can be profitable. Developing a clear strategy and proper money management are essential for long-term trading success.
*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.
