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The EUR/USD pair rallied as the Dollar Index crashed after poor US data was reported yesterday. It's trading at 1.0918 far above yesterday's low of 1.0802. The price is strongly bearish as the ADP Non-Farm Employment Change and the ISM Manufacturing PMI came in worse than expected earlier.
Also, the Federal Reserve is expected to deliver only a 25 bps hike today, lower compared to the 50 bps hike in the previous meeting. The US reported lower inflation in the last months, that's why the greenback extended its depreciation.
Tomorrow, the ECB should increase the main Refinancing Rate from 2.50% to 3.00%. The ECB Press Conference is seen as a high-impact event.
As you can see on the H1, the EUR/USD pair failed to stay below the S1 (1.0820) and it has invalidated a deeper drop. Now, it has ignored the weekly pivot point 1.0880 and the median line (ml) and it challenges the weekly R1 (1.0920).
Technically, the 1.0926 former high represents an important resistance level. Still, after failing to stay below the 1.0845 range's support, the price action signaled an upside breakout and continuation.
The median line (ml) represents dynamic support. A valid breakout above it may announce further growth. So, a valid breakout above 1.0926 announces a potential rally towards the R2 (1.0970) and up to the upper median line (uml).
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