See also
EURUSD dropped to the 0.0952 multi-year swing lows last week before finding support. The single currency pair has rallied over 225 pips in the past two trading sessions hitting 1.1075 on Monday. It is now trading close to 1.0155 and is expected to target the 1.0616 initial resistance on the daily chart in the near term.
EURUSD has remained in control of bears since January 2021 after peaking at the 1.2350 mark. The drop between 1.2350 and 0.0952 seems to be complete and a major cycle terminated. If the suggested wave structure holds well, bulls will be poised to remain in control from here and prices would stay above the 0.0952 interim support.
Furthermore, EURO bulls might have carved a lower degree upswing between 0.0952 and 1.0175 already. Intraday dips remain possible from here but they are likely to be tapped ahead of the 0.0953 interim support. Also, note that the immediate price resistance on the hourly chart is at 1.0186. A break higher would be considered encouraging to bulls.
EURUSD's recent swing lows registered at around 0.0952 is accompanied by a bullish divergence on the daily RSI. The same is reflected in the weekly RSI as well, which is not seen here. Also, note that a potential Morning Star candlestick pattern was complete at around Friday's close at 1.0097. Considering all the above facts, the high probability remains for a strong bullish reversal against 0.0952.
Potential rally through 1.0615 against 0.0952
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 Thursday's Trades 1H Chart of GBP/USD On Thursday, the GBP/USD pair exhibited a relatively strong decline, triggered by weak business activity indices in the UK. However, this explanation
Analysis of Thursday's Trades 1H Chart of EUR/USD The EUR/USD currency pair showed no significant movements on Thursday and remained in low volatility, despite it being the most eventful
On Thursday, the GBP/USD currency pair traded lower, which can be considered a local correction. This movement will cease to be a correction only if the price consolidates below
On Thursday, the EUR/USD currency pair exhibited astonishingly low volatility and a complete unwillingness to move in any clear direction. Many traders were expecting active movements during
Analysis of Wednesday's Trades 1H Chart of GBP/USD The GBP/USD pair also continued its upward movement on Wednesday. As expected, this happened without the need for any news or reports
Analysis of Wednesday's Trades 1H Chart of EUR/USD On Wednesday, the EUR/USD currency pair continued its upward movement. Essentially, we are seeing the same pattern every day this week —
Unlike the EUR/USD pair, the GBP/USD currency pair steadily continued its upward movement on Wednesday. There were no significant macroeconomic events in either the U.S. or the UK during
The EUR/USD currency pair showed no notable movements on Wednesday, and the market displayed no interest in Donald Trump's trade deals. As we've said repeatedly, what's the point of trade
Analysis of Tuesday's Trades 1H Chart of GBP/USD The GBP/USD pair also continued its upward movement on Tuesday. As expected, this did not require any news or reports. One could
Analysis of Tuesday's Trades 1H Chart of EUR/USD On Tuesday, the EUR/USD currency pair continued its upward movement, as expected. Recall that the day before, the price consolidated above
E-mail/SMS
notifications
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.