Permanecer 
Condições de Negociações
Ferramentas
Early in the American session, the Euro is trading around 1.0858, below the 21 SMA, and below the +1/8 Murray. We can see that it has been trading in this zone for almost 10 days and it could be a sign of exhaustion of the bullish force. The instrument could initiate a technical correction in the coming days.
The latest Japanese candles formed on the 4-hour chart show that the EUR/USD pair could start a bearish sequence but for this, we should expect it to trade below the daily pivot point located at 1.0872.
According to the 4-hour chart, we can see that the euro is trading within an uptrend channel formed since January 12, in which a sharp break and a daily close below 1.0805 could result in a bearish acceleration and the price could fall towards 8/8 Murray at 1.0742 and could even reach the 200 EMA located at 1.0673.
Conversely, for the continuation of the uptrend, the Euro needs a sharp break of 1.0925 to allow a test of the weekly resistance at 1.0956. With a sustainable break above this level, the instrument could face the key barrier of +/2/8 Murray (1.0986) and ultimately reach the psychological 1.10 level.
The market sentiment report shows that there are 62.60% of traders selling the pair. This could be a clear sign of a technical correction towards support levels. Later on, the instrument will resume its main uptrend.
Our trading plan for the next few hours is to sell the Euro below +1/8 Murray located at 1.0865 or below 1.0872, which represents the daily pivot point. In case the Euro is trading above this zone, we should avoid selling.
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.
