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 European currency will strive to advance further in the upcoming week. I want to remind you that situations often arise where the news background conflicts with wave analysis (or other types of analysis). In such cases, the stronger factor prevails. In my opinion, wave analysis is stronger right now, but some reports from the U.S. and the Eurozone could negatively affect the movement. In upcoming reviews, we will examine events that might cause the instruments' movements to deviate from desired behavior.
There will be several events in the Eurozone. It will all start with business activity indices in the manufacturing sector on Monday, followed by an inflation report on Tuesday, service sector business activity indices and a speech by Christine Lagarde on Wednesday, a retail trade report on Thursday, and third-quarter GDP data on Friday. The state of the European economy is currently not the best, so I doubt that all these reports will support the euro. However, slightly weaker GDP growth than 0.2% quarter-on-quarter could lead to a decline. A slightly weaker inflation rate than 2.2% year-on-year could also cause a drop, not to mention the important American reports that will also be released.
Therefore, in the upcoming week, many movements will depend on the news background. It is unlikely that the entire news background will support the dollar, as there are currently many problems in America, so everything will depend on luck and the strength of the wave analysis. I remind you that if an increase is expected, it doesn't necessarily mean a rapid surge at the speed of light. It may be a very gradual, unhurried movement at a turtle's pace. By the way, in recent months, such movements have been the most frequently observed in the market. Therefore, if the news background is favorable, the euro may rise quickly to its target levels. However, it is unlikely to count on such a scenario.
Based on the conducted analysis of EUR/USD, I conclude that the instrument continues to build an upward section of the trend. In recent months, the market has paused, but the policies of Donald Trump and the Federal Reserve remain significant factors in the decline of the American currency in the future. The targets for the current section of the trend may extend all the way to the 25 level. At this time, the formation of an upward wave set may continue. I expect that, given the current positions, the third wave of this set will continue to form, which could be either (c) or (3). At this moment, I remain in buys with targets around the range of 1.1670 – 1.1720.
The wave structure of the GBP/USD instrument has changed. We are still dealing with an upward, impulsive section of the trend, but its internal wave structure has become complex. The downward correction structure a-b-c-d-e in (c) at (4) appears to be quite complete. If this is indeed the case, I expect the main section of the trend to resume building with initial targets around the 38 and 40 levels. In the short term, one can expect the formation of wave (3) or (c) with targets around the marks of 1.3280 and 1.3360, which correspond to 76.4% and 61.8% according to Fibonacci.
*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.
