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!
On Tuesday, the euro tried to push through the 1.0636 support level, closing the day with a 33-pip decline. The price narrowly missed the 1.0590 target by six pips; however, if we consider the notable April low at 1.0602 as the target, it has been surpassed by six pips, indicating the possibility of a correction due to the current convergence.
The convergence is on the verge of being neutralized, meaning the oscillator's signal line could drop below its October 17 low of -0.0196. If the price breaks through the 1.0590 support, the next target becomes a significant level at 1.0483, which is the January 2023 low, or, more precisely, the range of 1.0449–1.0483. The price needs to consolidate above the 1.0636 level to avoid a rapid drop. Whether the convergence can achieve this will likely become clear this evening when U.S. inflation data is released.
The Marlin oscillator's signal line has reshaped the convergence into a horizontal wedge on the four-hour chart. The overall technical structure points to a likely downward breakout. Today's U.S. inflation data will significantly impact the market. The October CPI is forecasted to increase from 2.4% y/y to 2.6% y/y.
*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.