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The EUR/USD pair reached a new local high at 1.0916 following the US FED's decision to maintain interest rates at 5.50%. The pair retraced 61% of the previous downward wave, ending with a Pin Bar candlestick on the H4 chart. Intraday support lies at 1.0854, 1.0823, and 1.0800. It is important to note that a sustained drop below short-term trend line support could shift the outlook to bearish.
The momentum on the H4 chart is positive but the market is overbought. Attention is now on the ECB's interest rate decision, economic projections, and press conference. Key data releases today are crucial and could significantly impact market volatility.
Pivot Points are essential in identifying potential trend reversals, support, and resistance levels.
The EUR/USD reversed from the 61% Fibonacci level at 1.0963 after a false breakout on the weekly chart. A weekly close above this level is required for an upward trend continuation. Currently, the price is under bearish pressure with no indication of a potential swing low. Key support is at 1.0666.
The general sentiment is bullish (60% bulls vs. 40% bears). Last week's sentiment was also bullish (58% bulls vs. 42% bears), as is the sentiment over the past three days (60% bulls vs. 40% bears).
The begginers in forex trading need to be very careful when making decisions about entering the market. Before the release of important reports, it is best to stay out of the market to avoid being caught in sharp market fluctuations due to increased volatility. If you decide to trade during the news release, then always place stop orders to minimize losses.
Without placing stop orders, you can very quickly lose your entire deposit, especially if you do not use money management and trade large volumes. For successful trading, you need to have a clear trading plan and stay focues and disciplined. Spontaneous trading decision based on the current market situation is an inherently losing strategy for a scalper or daytrader.
InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.
