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!
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The euro is trading around 1.1541, below the 200 EMA and below the high reached around 1.1580. On the daily chart, we can see that the euro has encountered strong resistance below the 6/8 Murray level, so we believe there could be a consolidation below this zone over the next few days.
A drop below the 5/8 level could extend the euro's downtrend, potentially reaching the 4/8 Murray level around 1.1472.
A pullback toward 1.1564 could be seen as a clear signal to enter short positions. Alternatively, if bullish momentum prevails, the euro is expected to encounter strong resistance around 1.1596 or 1.16.
The Eagle indicator is showing an overbought signal, which means that the euro could continue its fall in the coming days, so we will look for opportunities to open short positions below 1.1564.
The euro has strong support around 1.1474, as technically, the highs of June 19, June 29, and July 13 have acted as strong resistance levels. We believe that once this level is reached, a technical rebound could occur, which could be considered a buying opportunity.
Our trading plan for the next few hours is to sell the euro from current price levels or wait for a pullback toward the daily resistance zone. Alternatively, if EUR/USD reaches its high of 1.1580, it could form a double-top pattern, which could also be considered a sell signal.
*Analiza tržišta koja se ovde nalazi namenjena je boljem razumevanju tržišta i ne pruža instrukcije za vršenje trgovanja.
Uz InstaSpot-ove analitičke preglede uvek ćete biti u toku sa tržišnim trendovima! Klijentima InstaSpot-a su dostupni mnogobrojni besplatni servisi za uspešno trgovanje.
