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 EUR/USD currency pair slightly decreased during Monday's trading, but overall movement was minimal. Additionally, no significant reports were released, and no important events occurred during the day. Only the flow of geopolitical news continues to come in a continuous stream. However, the market justifiably ignores most of this news. Iran and Oman have been negotiating the reopening of the Strait of Hormuz and are close to a deal. But what is the point of this deal if Tehran does not open the strait unless the US meets a series of conditions it will not fulfill? We receive a multitude of such news every day. Donald Trump continues to both speak about the agreement and the reopening of the strait, while also threatening Iran with new strikes. According to unconfirmed reports, the leader of the White House wants to end the war as quickly as possible and is even ready to abandon nuclear claims against Iran. However, this does not mean the conflict will be resolved soon, as Iran is now asserting its rights and demanding maximum concessions.
No trading signals were formed on the 5-minute timeframe on Monday, as volatility was minimal throughout the day and the price did not even approach technical levels or zones. There were no grounds for novice traders to open trading positions.
On the hourly timeframe, the price has left the sideways channel it spent a month in and continues to form a new upward trend. Taking into account all the events of the past few months, we believe that the euro should continue its steady growth. In recent months, the market has consistently ignored many factors in favor of the euro, so we continue to expect upward movement for the euro, as it is undervalued.
On Tuesday, novice traders may open short positions targeting 1.1461–1.1474 if the price consolidates below the 1.1527–1.1531 area. Long positions can be opened in the event of a rebound from the 1.1527–1.1531 area with a target of 1.1584–1.1594.
On the 5-minute timeframe, consider the levels 1.1267–1.1275, 1.1366–1.1377, 1.1461–1.1474, 1.1527–1.1531, 1.1584–1.1594, 1.1655–1.1666, 1.1745–1.1754. On Tuesday, no important events or publications are scheduled in the EU or the US. Therefore, there will once again be nothing to react to during the day, so volatility is likely to remain low again.
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.
