See also
EUR/USD dropped into the zone of the medium-term bearish market after breaking through the zone of key support levels at 1.0840 (50 EMA on the daily chart), 1.0830 (144 EMA on the daily chart), and 1.0815 (200 EMA on the daily chart).
With the breakthrough of the important support levels at 1.0805 (50 EMA on the weekly chart) and 1.0775 (lower line of the upward channel on the weekly chart), the pair also "declared its intention" for further decline into the territory of the long-term bearish market, located below the key resistance levels at 1.0900 (144 EMA on the weekly chart), 1.0980 (200 EMA on the weekly chart).
At the same time, technical indicators RSI, OsMA, and Stochastic on the daily and weekly charts are on the sellers' side, also signaling the advantage of short positions.
Therefore, in the current situation, preference should be given to short positions on EUR/USD. However, a breakthrough of today's low at 1.0764 may become the very first signal for new positions.
The nearest downward targets are located at local support levels 1.0725 and 1.0700. Their breakthrough will open the way for EUR/USD to decline towards the lower boundary of the downward channel on the daily chart and levels 1.0550, 1.0500, and 1.0470.
In an alternative scenario, the first signal for the resumption of long positions may be a breakthrough of the important short-term resistance level at 1.0798 (200 EMA on the 1-hour chart). Furthermore, a breakthrough of the zone of key resistance levels at 1.0815, 1.0830, and 1.0840 will bring EUR/USD into the territory of the medium-term bullish market, making long positions preferable again with targets near key resistance levels at 1.0900, 1.0980, 1.1000.
Trading Scenarios
Main Scenario: Sell Stop 1.0755. Stop-Loss 1.0805. Targets 1.0725, 1.0700, 1.0660, 1.0600, 1.0550, 1.0500, 1.0470, 1.0400, 1.0300
Alternative Scenario: Buy Stop 1.0845. Stop-Loss 1.0790. Targets 1.0900, 1.0920, 1.0980, 1.1000, 1.1040, 1.1090, 1.1100, 1.1140, 1.1200, 1.1275, 1.1300, 1.1400, 1.1500
"Targets" correspond to support/resistance levels. This also does not mean that they will necessarily be reached, but they can serve as a guideline for planning and placing trading positions.
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 The GBP/USD pair continued its upward movement throughout Thursday. Yesterday, the Bank of England narrowly voted to cut its key interest rate
Analysis of Thursday's Trades 1H Chart of EUR/USD The EUR/USD currency pair pulled back slightly on Thursday, but the decline was mild and short-lived. In principle, the dollar still
On Thursday, the GBP/USD currency pair continued its upward movement. The Bank of England ultimately decided to cut its key interest rate, yet the British pound strengthened — something that
On Thursday, the EUR/USD currency pair underwent a slight downward correction within the framework of a new uptrend on the hourly time frame. Throughout the current week, Donald Trump
Analysis of Wednesday's Trades 1H Chart of GBP/USD The GBP/USD pair also continued its upward movement on Wednesday, for the same reasons as the EUR/USD pair. Donald Trump keeps firing
Analysis of Wednesday's Trades 1H Chart of EUR/USD The EUR/USD currency pair resumed its upward movement on Wednesday, just as we had warned. At first glance, it may seem that
The GBP/USD currency pair also resumed its upward movement on Wednesday, thanks to Donald Trump. Recall that yesterday, Trump imposed 25% tariffs on India, and earlier in the week
The EUR/USD currency pair resumed its upward movement on Wednesday. There was no significant macroeconomic background from either the Eurozone or the U.S. yesterday, apart from an insignificant retail sales
Analysis of Tuesday's Trades 1H Chart of GBP/USD On Tuesday, the GBP/USD pair also showed no significant movements. As with the EUR/USD pair, only one macroeconomic report had the potential
Analysis of Tuesday's Trades 1H Chart of EUR/USD On Tuesday, the EUR/USD currency pair continued to trade with minimal volatility and strictly sideways. Only one important report was released during
InstaTrade
PAMM accounts
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.