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 showed some growth on Monday, but it was more of a symbolic move. Therefore, there weren't any significant changes in the market. The US dollar's tendency to weaken is a result of investors' constant reassessment of expectations regarding the future actions of key central banks, primarily the Federal Reserve. However, these sentiments could change. Today, the United States will release its Producer Price Index, and according to forecasts, the growth rate is expected to accelerate from 2.1% to 2.2%. This clearly indicates that US inflation has the potential to rise, which in turn will force the US central bank to take a more cautious approach to lowering interest rates. However, these are indirect factors that can have a minor influence on the pair. The market is more likely to revert to the values from the start of yesterday's trading.
The EUR/USD pair is moving around the peak of the corrective cycle. The fact that the price has repeatedly hit the 1.0800 resistance level indicates a prevailing bullish sentiment among market participants.
On the 4-hour chart, the RSI technical indicator is hovering in the upper area of 50/70, indicating a bullish bias.
On the same chart, the Alligator's MAs are headed upwards, corresponding to an upward cycle.
Keeping the price above the key level of 1.0800 by the end of the day would suggest that the pair will extend the corrective cycle, which can positively affect the volume of long positions in the euro. Otherwise, we may see another price rebound with subsequent sideways movement.
The comprehensive indicator analysis in the short-term and intraday periods points to a corrective cycle.
*এখানে পোস্ট করা মার্কেট বিশ্লেষণ আপনার সচেতনতা বৃদ্ধির জন্য প্রদান করা হয়, ট্রেড করার নির্দেশনা প্রদানের জন্য প্রদান করা হয় না।
ইন্সটাফরেক্স বিশ্লেষণমূলক পর্যালোচনাগুলো আপনাকে মার্কেট প্রবণতা সম্পর্কে পুরোপুরি সচেতন করবে! ইন্সটাফরেক্সের একজন গ্রাহক হওয়ায়, দক্ষ ট্রেডিং এর জন্য আপনাকে অনেক সেবা বিনামূল্যে প্রদান করা হয়।
