Long-term review
This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.
Overview:
- On the one-hour chart, the EUR/USD pair bullish trend from the support level of 1.1340. Currently, the price is in a bullish channel. This is confirmed by the RSI indicator signaling that we are still in a bullish trending market. As the price is still above the moving average (100), immediate support is seen at 1.1340, which coincides with a golden ratio (61.8% of Fibonacci). Consequently, the first support is set at the level of 1.1340. So, the market is likely to show signs of a bullish trend around the spot of 1.1340/1.1380. In other words, buy orders are recommended above the golden ratio (1.1340) with the first target at the level of 1.1444. We should see the pair climbing towards the double top (1.1444) to test it. Furthermore, if the trend is able to breakout through the first resistance level of 1.1444, then the trend will continue towards the next objective at the 1.1500 price. It would also be wise to consider where to place a stop loss; this should be set below the second support of 1.1307.
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.