See also
Technical outlook:
EURUSD bulls managed to extend its rally past 1.2242 resistance today, before pulling back. Looking at the current wave structure, possibilities remain for at least a corrective drop towards 1.1950 levels, if not a trend reversal. A potential shooting star is being produced on the daily chart at the moment and if successful, bears might come back in control soon.
EURUSD is seen to be trading around 1.2210 levels at this point in time, and is expected to break below 1.2200 handle in the immediate future. The entire rally between 1.1704 and 1.2245 could still be seen as a correction and bears might come back strong. Immediate resistance is now seen at 1.2350 while support is 1.2051 levels respectively. A break below 1.2050 from here would be encouraging for bears.
On the flip side if the rally continues to build towards 1.2350, the structure might turn bullish again. Either way, strong probabilities remain for a meaningful corrective drop towards 1.1950 levels at least. We shall review situation then, to decide on further course of action.
Trading plan:
Remain short, stop @ 1.2350, target @ 1.1300 and lower.
Good luck!
You have already liked this post today
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
Analysis of Tuesday's Trades 1H Chart of GBP/USD The GBP/USD pair also showed a relatively strong upward move, but unlike EUR/USD, it began rising from early morning. Data from
Analysis of Tuesday's Trades 1H Chart of EUR/USD On Tuesday, the EUR/USD currency pair traded higher for a completely logical reason. The US Consumer Price Index showed a very unexpected
The GBP/USD currency pair also traded higher on Tuesday, but this movement was driven not only by the U.S. inflation report but also by UK data. We cannot say that
The EUR/USD currency pair resumed its upward movement on Tuesday. This resumption was not without reason—it was entirely logical. While the market confidently ignored the morning European reports, it could
Analysis of Monday's Trades 1H Chart of GBP/USD The GBP/USD pair also declined slightly on Monday, but the strengthening of the dollar means nothing. The price did not even manage
Analysis of Monday's Trades 1H Chart of EUR/USD On Monday, the EUR/USD currency pair traded lower, despite the absence of any macroeconomic or fundamental reasons for such movement. However
On Monday, the GBP/USD currency pair slightly declined toward the new ascending trendline, which in no way disrupted the current trend. Indeed, few expected the US currency to strengthen
On Monday, the EUR/USD currency pair showed a downward movement but generally traded within roughly the same range as in recent days. The euro had been rising for a week
Analysis of Friday's Trades 1H Chart of GBP/USD The GBP/USD pair continued its upward movement on Friday. The move was extremely weak, with the day's total volatility amounting to only
Analysis of Friday's Trades 1H Chart of EUR/USD On Friday, the EUR/USD currency pair traded completely flat. No macroeconomic reports were scheduled for that day, so traders had nothing
Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.
If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.
Why does your IP address show your location as the USA?
Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaTrade anyway.
We are sorry for any inconvenience caused by this message.