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The euro is trading around 1.1192, rebounding after reaching the +1/8 Murray level, which also represents a strong support level in an oversold condition.
The euro hit a low of 1.1165 and has been rebounding since then. We could expect EUR/USD to recover in the coming days, as the daily chart shows that a downtrend began on August 16 from its high of 1.1713, and so far we have not seen a significant technical correction.
If the euro consolidates above 1.1170 in the coming days, this could be considered a buy signal with targets at the 0/8 Murray level around 1.1230, and ultimately, we could expect EUR/USD to reach the 2/8 Murray level around 1.1352.
In the coming days, we could expect the euro to consolidate around 1.1170 above the +1/8 Murray level; alternatively, if the price rebounds and consolidates above the 0/8 Murray level, this could be viewed as a positive signal only if the currency pair consolidates above 1.1230.
Given that the euro is under downward pressure, we should expect a technical rebound before resuming short positions, as there could be a technical rebound in the coming days. So, it is better to wait for consolidation before taking long positions.
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