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!
The euro is trading around 1.1438, above the 21-day SMA, and is rebounding after reaching 1.1415, a key support level that also coincided with the 61.8% Fibonacci retracement level. This could mean that the EUR/USD pair could continue to rise in the coming days until it reaches the 200 EMA, around the psychological level of 1.15.
From a technical perspective, looking at the H4 chart, we can see that the euro has reached overbought levels and may struggle to continue rising in the coming days; therefore, we could expect consolidation below 1.1442 and a pullback toward 1.1415, or even a drop to the lower band of the uptrend channel, around 1.1401.
Conversely, if bullish momentum prevails and the euro consolidates and reaches the strong resistance at 1.1474 or the upper band of the uptrend channel, around 1.1495, this will be considered an opportunity to open short positions with targets at 1.14 and at the 5/8 Murray level, around 1.1352.
Given that the Eagle indicator has reached extremely overbought levels, we must be very cautious about buying in the coming days; it is better to wait for a technical correction before opening long positions.
*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.
