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The euro is trading around 1.1617, rebounding after reaching the psychological level of 1.15. During Monday's European session, the euro reached a low of 1.1506, and since then, we have seen a strong technical rebound, with the price covering the gap left over the weekend around 1.1617.
Given that the euro has still left another gap around 1.1825 uncovered, EUR/USD is expected to continue rising in the coming days until it reaches the 4/8 Murray around 1.1718. Finally, it will be able to cover the gap and reach the 5/8 Murray around 1.1840.
The outlook remains bullish for EUR/USD, and it is expected to reach 1.1740 in the coming days. Given that this area represents strong resistance, the bearish cycle will resume below this area, as the euro could have difficulty overcoming it since it is located at the 4/8 Murray. We could catch an opportunity to open short positions.
A return below the 21 SMA located at 1.1591 could resume the bearish cycle. We expect EUR/USD to reach the March 9 low around 1.1506. It could even reach the 2/8 Murray around 1.1474, and this zone could be seen as an opportunity to buy during the technical rebound.
The Eagle indicator has reached oversold levels and is showing a positive signal, so any pullback towards the 61.8% Fibonacci level at 1.1560 or 1.1550 will be seen as a signal to buy with targets at 1.1740 around the 200 EMA.
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