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!
Recent reports of an attack by Iran's Islamic Revolutionary Guard Corps (IRGC) on a Singapore-flagged vessel in the Strait of Hormuz have renewed concerns about the durability of the temporary peace agreement between the United States and Iran. This development is supporting the U.S. dollar as a safe-haven asset, which in turn acts as a significant negative factor for the EUR/USD pair.
Meanwhile, market participants have scaled back their expectations for additional Federal Reserve rate hikes this year, as there is a growing view that inflation may have already peaked last month following the recent decline in oil prices. This is limiting further gains in the U.S. dollar and helping to prevent a deeper decline in EUR/USD.
From a technical perspective, the pair's recent inability to establish itself above the 100-period Simple Moving Average (SMA) on the 4-hour chart, combined with the lack of strong bullish catalysts, continues to favor sellers. The Relative Strength Index (RSI) is approaching the 50 mark, indicating a gradual recovery rather than a bullish reversal.
At the same time, the MACD is showing moderately positive momentum, although EUR/USD remains under structural pressure in the short term. This suggests that any meaningful recovery attempts may still be viewed as selling opportunities, and there is a risk that the rebound could quickly lose momentum.
The nearest resistance level is located at 1.1440. A break above this level could allow EUR/USD to retest the 100-period moving average at 1.1512. Overcoming this barrier is necessary to invalidate the current bearish trend and open the way for a more substantial upward correction. Otherwise, the pair remains vulnerable to a test of new lows.
The table below shows the percentage change in the U.S. dollar against major currencies today. The U.S. dollar posted its strongest gains against the Australian dollar.
*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.
