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!
Early in the American session, the EUR/USD is trading around 1.1161, above the 21 SMA, and inside the symmetrical triangle pattern forming since September 23rd. The instrument is showing signs of bullish strength. The break of the pattern could accelerate the euro's rise towards 1.1200.
The euro has bullish potential. EUR/USD reached the bottom of the uptrend channel during the European session. Since then, we see a technical bounce so that the price could reach the daily resistance (R_1) around 1.1201.
If the euro reaches this R_1 and fails to consolidate above the key level of 1.1200, it could be seen as an opportunity to resume selling with targets at 1.1158 (21 SMA) and 1.1141.
The Eagle indicator is giving a negative signal. So, if there is any technical bounce and as long as EUR/USD trades below 1.1230 (8/8 Murray), it will be seen as an opportunity to continue selling with the target at the psychological level of 1.10.
*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.