Our team has over 7,000,000 traders!
Every day we work together to improve trading. We get high results and move forward.
Recognition by millions of traders all over the world is the best appreciation of our work! You made your choice and we will do everything it takes to meet your expectations!
We are a great team together!
InstaSpot. Proud to work for you!
Actor, UFC 6 tournament champion and a true hero!
The man who made himself. The man that goes our way.
The secret behind Taktarov's success is constant movement towards the goal.
Reveal all the sides of your talent!
Discover, try, fail - but never stop!
InstaSpot. Your success story starts here!
Early in the American session, the EUR/USD pair is trading around 1.0498, below the 21 SMA, and within the downtrend channel forming since November 27.
If the euro consolidates below the psychological level of 1.05 in the next few hours, we could expect a continuation of the bearish movement. Thus, EUR/USD could reach 1.0435, 1.0412, and finally 1.0376 (1/8 Murray).
On the other hand, if the euro breaks the bearish trend channel and consolidates above 1.0517, we could expect EUR/USD to continue rising and thus, cover the gap left at 1.0576. Finally, the instrument could reach the 200 EMA around 1.0653.
According to the H4 chart, we can see that the euro is overbought, which means that any attempt to continue rising will be seen as an opportunity to sell.
Our trading plan for the next few hours is to sell the euro below 1.0498 or wait for confirmation above 1.0517 to buy.
*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.
