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!
The situation on the foreign exchange market remained unchanged, although the U.S. manufacturing sector business activity index has decreased from 49.6 points to 47.9 points, which was slightly worse than the preliminary estimate of 48.0 points. However, this indicator has a feeble impact. Because of this, the market continued to stagnate. And it seems that today, the stagnation will continue. Final data on the business activity index in the services sector and the composite business activity index also have a very insignificant impact. The data on job openings in the United States, although they precede the release of labor market data, are also considered minor indicators because it is quite challenging to conclude the state of the labor market from this data. The market will be waiting for tomorrow's employment data.
The EUR/USD pair is moving within the upper deviation of the psychological level of 1.1000/1.1050 for three consecutive days, indicating a sustained corrective cycle from the local high of the medium-term trend.
In the 4-hour chart, the RSI technical indicator has left the oversold zone but remains in the sellers' area between 30 and 50.
Regarding the Alligator indicator in the same time frame, the moving average lines (MA) point downward, which corresponds to the corrective phase.
At this stage, the psychological area serves as a support for sellers, negatively affecting the subsequent construction of the corrective cycle. Assuming the scenario of prolonging the correction, a series of actions is necessary, the first being a shift of the current stagnation into the lower area of the psychological level—these values are 1.0950/1.1000, followed by a consolidation below it. As for the bullish scenario, restoring the euro's rate could well occur in case of a price rebound from the psychological level's edge, with the price consolidating above 1.1100 during the day.
The complex indicator analysis indicates stagnation in the short-term and intraday periods; the indicators are unstable. Indicators point to an upward trend in the medium term.
*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.