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Re: InstaForex Analysis

FOREX ANALYSIS & REVIEWS: TRADING PLAN FOR EURUSD FOR SEPTEMBER 09, 2021

https://forex-images.ifxdb.com/userfiles/20210909/analytics6139a0a1ce297_source!.jpg

Technical outlook:
EURUSD has slipped toward 1.1800 mark since printing 1.1900 highs over the last week. The drop is corrective and bulls might be inclined to come back in control, pushing prices higher towards 1.2050 levels, going further. Probability also remains for a drop towards 1.1750 first, before resuming its rally. Either way, EURUSD is in a corrective wave from 1.1900/10 high.

EURUSD is seen to be trading close to 1.1810/15 mark at this point in writing and could be preparing to push higher towards 1.1870/80 mark in the immediate short term. Immediate price resistance is at 1.1910, while support comes in around 1.1660 mark respectively. The pair could drop toward 1.1750 to complete its gartley structure before resuming higher towards 1.2050 mark.

The overall structure remains bearish toward 1.1300 mark in the medium term. In the short term though, a counter trend rally towards 1.2050 remains possible though. Also note that 1.2030/50 is the fibonacci 0.618 retracement of the drop between 1.2266 and 1.1660 respectively. High probability remains for a bearish turn if prices manage to reach there.

Trade Alan:
Potential to push towards 1.2050 against 1.1650. Good luck!

Analysis are provided byInstaForex.

Best regards, PR Manager / Learn more about InstaForex Company at http://instaforex.com

Re: InstaForex Analysis

Forex Analysis & Reviews: Trading plan for EURUSD for September 10, 2021

https://forex-images.ifxdb.com/userfiles/20210910/analytics613aedfa2cc77_source!.jpg

Technical outlook:
EURUSD is consolidating within a tight range after dropping to a low of 1.1806 on Thursday. The pair is expected to push higher towards the 1.1865-70 zone during the day before finding resistance again. It is expected to slide towards 1.1750 in the next few trading sessions before bulls can resume higher to the 1.2050 level.

EURUSD is unfolding into a counter-trend rally toward 1.2050 in the near term before resuming lower towards the larger trend. Also note that the pair is carving a counter-trend within the counter trend and is expected to first drop toward 1.1750, then rally towards 1.2050 levels respectively. EURUSD is facing immediate resistance at 1.1900 while support is seen around 1.1800 levels respectively.

Overall wave structure remains bearish towards 1.1300 but medium term remains pointed higher to 1.2050-1.2100 zone. Also note that 1.2050 is near Fibonacci 0.618 retracement of the drop between 1.2266 and 1.1660 levels respectively. Hence, probabilities remain high for a bearish reversal f prices manage to reach there.

Trading plan:
Potential to rally toward 1.2050 against 1.1660.
Good luck!

Analysis are provided byInstaForex.

Best regards, PR Manager / Learn more about InstaForex Company at http://instaforex.com

Re: InstaForex Analysis

Forex Analysis & Reviews: Technical Analysis of GBP/USD for September 13, 2021

https://forex-images.ifxdb.com/userfiles/20210913/analytics613ee5cd52388_source!.jpg

Technical Market Outlook
The GBP/USD pair has failed to break through the supply zone that was the key zone for bears. There might be a Double High price pattern made at the H4 time frame chart. The zone is still located between the levels of 1.3874 - 1.3886. The momentum is negative and the market conditions are overbought, so the bulls might not have a chance to move higher. The next target for bears is seen at the level of 1.3807 and 1.3785.

Weekly Pivot Points:
WR3 - 1.4068
WR2 - 1.3979
WR1 - 1.3915
Weekly Pivot - 1.3815
WS1 - 1.3755
WS2 - 1.3649
WS3 - 1.3586

Trading Outlook:
The weekly time frame chart still shows, that the up trend is still intact and the corrective wave had terminated at the level of 1.3571. Only a sustained violation of the level of 1.3518 would trigger a bigger down move than a regular pull-back. The up trend can be continued towards the next long-term target located at the level of 1.4246 (high from 24.02.2021).

Analysis are provided byInstaForex.

Best regards, PR Manager / Learn more about InstaForex Company at http://instaforex.com

Re: InstaForex Analysis

Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for September 14, 2021

https://forex-images.ifxdb.com/userfiles/20210914/analytics614032dfbe0e0_source!.jpg

We have seen the expected dip closer to 129.60 and EUR/JPY should now be ready to start the next impulsive rally higher to 134.24 and then towards the ideal target for wave 5/ closer to 135.42. Short-term we need a break above minor resistance at 130.23 to confirm that sub-wave ii of 5/ has completed and sub-wave iii is in motion towards 134.24 and then higher to 135.42.

Longer term we continue to look for much higher levels, but for now, just let's look for a break above minor resistance at 130.23 to confirm sub-wave ii has completed and sub-wave iii higher is in motion.

Analysis are provided byInstaForex.

Best regards, PR Manager / Learn more about InstaForex Company at http://instaforex.com

Re: InstaForex Analysis

Forex Analysis & Reviews: Technical Analysis of EUR/USD for September 15, 2021

https://forex-images.ifxdb.com/userfiles/20210915/analytics61418f9ba8d0e_source!.jpg

Technical Market Outlook
The EUR/USD pair has been trying to move higher after the bounce from the level of 1.1774, but even after the breakout above the short-term trend line resistance the rally was capped and the price reversed back down again. Currently, the price is hovering around the level of 1.1804, that we have seen many times before. The market keeps making lower highs and lower lows, so the odds for another down move are high. The next target is seen at the level of 1.1774 (previous local low) and 1.1758 (61% Fibonacci retracement). The key short-term technical support is seen at the level of 1.1751.

Weekly Pivot Points:
WR3 - 1.1947
WR2 - 1.1912
WR1 - 1.1832
Weekly Pivot - 1.1824
WS1 - 1.1765
WS2 - 1.1741
WS3 - 1.1684

Trading Outlook:
The market is in control by supply that might push the prices lower towards the key technical support located at 1.1599. There might be a bounce form this level, but the last rally out of the Falling Wedge pattern has failed anyway. The up trend can be continued towards the next long-term target located at the level of 1.2350 (high from 06.01.2021) only if bullish cycle scenario is confirmed by breakout above the level of 1.1909 and 1.2000.

Analysis are provided byInstaForex.

Best regards, PR Manager / Learn more about InstaForex Company at http://instaforex.com

Re: InstaForex Analysis

Forex Analysis & Reviews: Technical Analysis of GBP/USD for September 16, 2021

https://forex-images.ifxdb.com/userfiles/20210916/analytics6142e1ffc8c20_source!.jpg

Technical Market Outlook
The GBP/USD pair has been rejected for the third time from the supply zone and the Bearish Engulfing candlestick pattern was made at the end of the up move at the level of 1.3912. The zone is still located between the levels of 1.3874 - 1.3886 and after a bounce from the level of 1.3791 the market is trading currently around the level of 1.3832, which is the technical resistance for bulls. The intraday technical support is seen at 1.3785 and 1.3807 and it might be tested soon as the momentum barely holds the positive territory.

Weekly Pivot Points:
WR3 - 1.4068
WR2 - 1.3979
WR1 - 1.3915
Weekly Pivot - 1.3815
WS1 - 1.3755
WS2 - 1.3649
WS3 - 1.3586

Trading Outlook:
The weekly time frame chart still shows, that the up trend is still intact and the corrective wave had terminated at the level of 1.3571. Only a sustained violation of the level of 1.3518 would trigger a bigger down move than a regular pull-back. The up trend can be continued towards the next long-term target located at the level of 1.4246 (high from 24.02.2021).

Analysis are provided byInstaForex.

Best regards, PR Manager / Learn more about InstaForex Company at http://instaforex.com

Re: InstaForex Analysis

Forex Analysis & Reviews: Forecast for AUD/USD on September 17, 2021

AUD/USD
On Thursday, under the influence of the general strengthening of the US dollar, the US currency index rose by 0.41%, while the Australian currency lost 0.55% (39 points). The price stopped at the MACDindicator line of the daily scale and is currently weighing alternative plans - whether to consolidate below this indicator line (0.7275) for a subsequent decline to the promising target of 0.7065, or turn upwards from it to the first target along the Fibonacci line 38.2% on the 0.7450 price. The Marlin Oscillator has already entered the territory of the downward trend, but the basis for the future movement will be set only by the Federal Reserve meeting on September 22nd.

https://forex-images.ifxdb.com/userfiles/20210917/analytics6144000bd5ff4_source!.jpg

On the four-hour chart, the price is developing in a completely downward trend: the MACD line has turned down, Marlin is in the zone of negative values. And if the price does not turn upwards from the support of the daily timeframe (MACD line), then after the price settles below yesterday's low of 0.7275, a downward movement may develop until the Fed's announcements.

https://forex-images.ifxdb.com/userfiles/20210917/analytics614400165d16e_source!.jpg

Analysis are provided byInstaForex.

Best regards, PR Manager / Learn more about InstaForex Company at http://instaforex.com

Re: InstaForex Analysis

Forex Analysis & Reviews: Elliott wave analysis of Ripple for September 20, 2021

https://forex-images.ifxdb.com/userfiles/20210920/analytics61480962512a7_source!.jpg

Ripple should move closer to the 61.8% corrective target near 0.8560 before completing the corrective decline in wave ii. If so, we will be looking for the next strong impulsive rally in wave iii towards 2.3227 and maybe even higher. In the short term, we see resistance near 1.0526, which is expected to cap the upside for the corrective decline to 0.8560 and the higher in the next impulsive rally towards 2.3227.

Analysis are provided byInstaForex.

Best regards, PR Manager / Learn more about InstaForex Company at http://instaforex.com

Re: InstaForex Analysis

Forex Analysis & Reviews: Trading plan for EURUSD for September 21, 2021

Technical outlook:
EURUSD might have carved an interim bottom around 1.1700 mark on Monday. The currency pair has bounced off through 1.1740 mark and has also produced a pinbar candlestick on the daily chart. High probability remains for bulls to take control back from here and push towards 1.1850, 1.1950 and 1.2050 potential targets.

EURUSD is probably into its last leg of the counter trend rally, which had begun since 1.1660 lows. The down gartley should likely terminate around 1.2050 mark, which is also the Fibonacci 0.618 retracement of the recent downswing (1.2266 to 1.1660). Bears might come back in control thereafter.

EURUSD is seen to be trading around 1.1735 level at this point in writing and is expected to push higher against 1.1660 mark. Immediate support is seen at 1.1660, while resistance comes in around 1.1850, followed by 1.1900 levels respectively. Only a drop below 1.1660 would change the above bullish scenario.

Trading plan:
Potential towards 1.2050 against 1.1660
Good luck!

Analysis are provided by InstaForex

Best regards, PR Manager / Learn more about InstaForex Company at http://instaforex.com

Re: InstaForex Analysis

Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for September 22, 2021

https://forex-images.ifxdb.com/userfiles/20210922/analytics614aade331ba9_source!.jpg

EUR/JPY made it almost back to the start of wave i at 127.92. We have seen the low of wave ii at 127.95. Wave ii is allowed to correct to 99.99% of wave ii, but not more and therefore should stay above 127.92 or else, we will need to make a revision of our preferred count.

As long as short-term key-support at 127.92 is able to act as a floor, we will be looking for a break above minor resistance at 128.70 and more importantly a break above resistance at 129.55 as confirmation that wave ii has been completed and wave iii is unfolding towards 134.24 and135.42 .

Analysis are provided byInstaForex.

Best regards, PR Manager / Learn more about InstaForex Company at http://instaforex.com

Re: InstaForex Analysis

Forex Analysis & Reviews: EURJPY short-term bullish bounce | 23rd Sep 2021

https://forex-images.ifxdb.com/userfiles/20210923/analytics614c03f43bc2a_source!.jpg

Price is holding below the descending trendline resistance, however we are expecting price to be making a short-term bullish bounce as price is seen to bounce off the 1st support. We can expect the price to bounce from the 1st Support and ride the bullish momentum towards the 1st resistance in line with 61.8% Fibonacci projection, 61.8% Fibonacci retracement and descending trendline resistance. Our short-term bullish bias is further supported by the MACD indicator where the MACD line cross over the signal line.

Trading Recommendation
Entry: 84.760
Reason for Entry:
78.6% Fibonacci projection
Take Profit: 86.999
Reason for Take Profit:
61.8% Fibonacci projection
Stop Loss: 83.571
Reason for Stop Loss:
127.% Fibonacci Retracement

Analysis are provided byInstaForex.

Best regards, PR Manager / Learn more about InstaForex Company at http://instaforex.com

Re: InstaForex Analysis

Forex Analysis & Reviews: USDJPY short-term bearish drop | 24th Sep 2021

https://forex-images.ifxdb.com/userfiles/20210924/analytics614d6d86b7cb4_source!.jpg

Price is holding above the ascending trendline support, however we are expecting the price to be making a short-term bearish drop as price has approached a strong resistance level where price reversed twice at that level. We can expect the price to drop from the 1st Resistance and ride the bearish momentum towards the 1st Support in line with 61.8% Fibonacci Retracement and 78.6% Fibonacci Projection. Our short-term bearish bias is further supported by the Stochastic indicator where the %K line touches the resistance level awaiting for a drop.

Trading Recommendation
Entry: 110.431
Reason for Entry:
127.2% Fibonacci Projection
Take Profit: 109.610
Reason for Take Profit:
61.8% Fibonacci retracement and 78.6% Fibonacci projection
Stop Loss: 110.794
Reason for Stop Loss:
-27.2% Fibonacci Retracement and 161.8% Fibonacci projection

Analysis are provided byInstaForex.

Best regards, PR Manager / Learn more about InstaForex Company at http://instaforex.com

Re: InstaForex Analysis

Forex Analysis & Reviews: USDJPY short-term bearish drop | 27th Sep 2021

https://forex-images.ifxdb.com/userfiles/20210927/analytics615152b99bc2c_source!.jpg

Price is holding above the ascending trendline support, however we are expecting the price to be making a short-term bearish drop as price has approached a strong resistance level where price reversed thrice at that level. We can expect the price to drop from the 1st Resistance and ride the bearish momentum towards the 1st Support in line with 100% Fibonacci Projection and 78.6% Fibonacci Retracement. Our short-term bearish bias is further supported by the Stochastic indicator where the %D line touches the resistance level awaiting for a drop.

Trading Recommendation
Entry: 110.813
Reason for Entry:
78.6% Fibonacci Projection
Take Profit: 109.120
Reason for Take Profit:
100% Fibonacci Projection and 78.6% Fibonacci Retracement
Stop Loss: 111.652
Reason for Stop Loss:
-61.8% Fibonacci Extension and 127.2% Fibonacci projection

Analysis are provided byInstaForex.

Best regards, PR Manager / Learn more about InstaForex Company at http://instaforex.com

Re: InstaForex Analysis

Forex Analysis & Reviews: AUDCAD bullish bounce| 28th Sep 2021

https://forex-images.ifxdb.com/userfiles/20210928/analytics615291c701eef_source!.jpg

Price is holding above the descending trendline resistance turn support, showing a strong bullish momentum. Price is approaching the trendline support to retest and we can expect price to bounce up from 1st Support in line 127.2% Fibonacci Projection and previous swing low, towards the 1st Resistance in line with 127.2% Fibonacci retracement and 78.6% Fibonacci projection. Our bullish bias is further supported by the Stochastic indicator where the %K line is abiding to a ascending trendline.

Trading Recommendation
Entry: 0.91127
Reason for Entry:
127.2% Fibonacci Projection
Take Profit: 0.93793
Reason for Take Profit:
127.2% Fibonacci Retracement and 78.6% Fibonacci Projection
Stop Loss: 0.90243
Reason for Stop Loss:
161.8% Fibonacci Projection and 127.2% Fibonacci Retracement

Analysis are provided byInstaForex.

Best regards, PR Manager / Learn more about InstaForex Company at http://instaforex.com

Re: InstaForex Analysis

Forex Analysis & Reviews: Trading plan for EURUSD for September 29, 2021

https://forex-images.ifxdb.com/userfiles/20210929/analytics6153fd2c42134_source!.jpg

Technical outlook:
EURUSD might have carved a higher low around 1.1668 levels on Tuesday before pulling back. The currency could be looking to turn bullish from here and a break above 1.1750 will confirm the same. The counter trend rally still remains possible until prices stay above 1.1660 levels going forward. Bulls remain poised to push higher towards 1.2050 at least.

The recent boundary which is being worked upon is between 1.2266 and 1.1660 levels respectively. Also note that fibonacci 0.618 retracement of the above drop is seen passing through 1.2050-1.2100 zone. If bulls manage to push through the above zone, high probability remains for a turn lower since resistance will be strong.

The bigger picture for EURO remains bearish towards 1.1300, which is the Fibonacci 0.618 retracement of previous rally between 1.0636 and 1.2350 levels respectively. A drop there would warrant potential bullish reversal going forward.

Trading plan:
Potential rally towards 1.2050, against 1.1650.
Good luck!

Analysis are provided byInstaForex.

Best regards, PR Manager / Learn more about InstaForex Company at http://instaforex.com

Re: InstaForex Analysis

Forex Analysis & Reviews: GBPJPY bullish bounce| 30th Sep 2021

https://forex-images.ifxdb.com/userfiles/20210930/analytics6155414e5e2e6_source!.jpg

Price is reacting below the descending trendline resistance on the daily timeframe this shows an overall bearish trend, however we can expect a short-term bullish momentum for the price to bounce back to the resistance level. We can expect the price to bounce from the 1st Support in line with 61.8% Fibonacci Projection and 38.2% Fibonacci Retracement towards the 1st Resistance in line with 61.8% Fibonacci projection. Our bullish bias is further supported by the stochastic indicator where the %K line bounced from the support line.

Trading Recommendation
Entry:149.922
Reason for Entry:
38.2% Fibonacci Retracement and 61.8% Fibonacci projection
Take Profit: 152.161
Reason for Take Profit:
61.8% Fibonacci projection
Stop Loss: 149.156
Reason for Stop Loss:
78.6% Fibonacci projection

Analysis are provided byInstaForex.

Best regards, PR Manager / Learn more about InstaForex Company at http://instaforex.com

Re: InstaForex Analysis

Forex Analysis & Reviews: UKOIL facing bearish pressure, drop incoming!

https://forex-images.ifxdb.com/userfiles/20211001/analytics615695c2b659e_source!.jpg

UKOIL is holding below 1st resistance at 79.28 in line with 61.8 Fibonacci retracement and 38.2% Fibonacci extension and may bearish towards 1st support at 76.10 in line 61.8% Fibonacci retracement and 161.8% Fibonacci extension . Our bearish is further supported by how MACD is showing a bearish signal where the signal line is above the MACD line. Otherwise price may bullish towards 2nd resistance at 80.72 in line with Horizontal swing high and 61.8% Fibonacci extension.

Trading Recommendation
Entry: 79.28
Reason for Entry:
61.8 Fibonacci retracement and 38.2% Fibonacci extension
Take Profit: 76.10
Reason for Take Profit:
61.8% Fibonacci retracement and 161.8% Fibonacci extension
Stop Loss: 80.72
Reason for Stop Loss:
Horizontal swing high and 61.8% Fibonacci extension.

Analysis are provided byInstaForex.

Best regards, PR Manager / Learn more about InstaForex Company at http://instaforex.com

Re: InstaForex Analysis

Forex Analysis & Reviews: Elliott wave analysis of Ripple for October 4, 2021

https://forex-images.ifxdb.com/userfiles/20211004/analytics615a92c105a46_source!.jpg

Ripple has completed sub-wave ii near 0.8560. We are looking for an upside acceleration towards 2.3227 in sub-wave iii where a sideways consolidation is expected.

In the long term, upward movement to 3.3170 and higher is expected. In the short term, a break above minor resistance at 1.1300 and ideally above resistance at 1.2400 may occur. If so, the digital asset may rise to 1.4160, 1.9665, and 3.3170.

Analysis are provided byInstaForex.

Best regards, PR Manager / Learn more about InstaForex Company at http://instaforex.com

Re: InstaForex Analysis

Forex Analysis & Reviews: USDCHF bullish continuation | 5th Oct 2021

https://forex-images.ifxdb.com/userfiles/20211005/analytics615bd0cc6b1e0_source!.jpg

Price is holding above the ascending trendline support, signifying a bullish momentum. We can expect the price to push up from the pivot level in line with 23.6% Fibonacci retracement towards the take profit level in line with 61.8% Fibonacci projection and 61.8% Fibonacci retracement. Our bullish bias is further supported by the stochastic indicator where the %K line bounced at the support level.

Trading Recommendation
Entry: 0.92572
Reason for Entry:
23.6% Fibonacci Retracement
Take Profit: 0.93326
Reason for Take Profit:
61.8% Fibonacci Retracement and 61.8% Fibonacci projection
Stop Loss: 0.92329
Reason for Stop Loss:
127.2% Fibonacci projection

Analysis are provided byInstaForex.

Best regards, PR Manager / Learn more about InstaForex Company at http://instaforex.com

Re: InstaForex Analysis

Forex Analysis & Reviews: EUR/USD pair has not implemented growth yet

A lack of major support from the ECB is indicated by today's Asian trading session. If the situation does not change, then the probability of updating the monthly low will increase to 80%.

When making a trading plan, it is worth noting that yesterday's closing level may become a determining resistance if the European session opens below the level of 1.1596. Trading in a downward direction is regaining its status as the priority. So, one must get ready for another bearish momentum. The first downward target is to update the monthly low. The main target is the Weekly Control Zone of 1.1540-1.1523.

https://forex-images.ifxdb.com/userfiles/20211006/analytics615d35ad34158_source!.jpg

This pattern will be the main one if the activity during the European session allows the price to stay below the level of 1.1596. The task is to join stronger players who will buy the euro at more favorable prices at a monthly low and below.

Analysis are provided byInstaForex.

Best regards, PR Manager / Learn more about InstaForex Company at http://instaforex.com

Re: InstaForex Analysis

Forex Analysis & Reviews: Elliott wave analysis for Natural Gas for October 7, 2021

https://forex-images.ifxdb.com/userfiles/20211007/analytics615e878125985_source!.jpg

Natural gas article from September 15

Yesterday, natural gas peaked at 6.46. It is time for a correction towards 5.26 and maybe even closer to 4.75 before the natural gas can take off again to way above the peak at 6.46.

Inflation may weigh on the economic recovery. Once the correction in crude oil and natural gas is completed and prices rise to new highs, it will become much more painful to the global economies.

Analysis are provided byInstaForex.

Best regards, PR Manager / Learn more about InstaForex Company at http://instaforex.com

Re: InstaForex Analysis

Forex Analysis & Reviews: AUDUSD bearish continuation | 8th Oct 2021

https://forex-images.ifxdb.com/userfiles/20211008/analytics615fe0df9afa8_source!.jpg

Price is holding below the descending trendline resistance, signifying a bearish momentum. We can expect the price to continue to push down towards the 1st Support in line with 61.8% Fibonacci projection and 61.8% Fibonacci Retracement. Our bearish support is further supported by the stochastic indicator where the %K line drops from the resistance level.

Trading Recommendation
Entry: 0.73249
Reason for Entry:
50% Fibonacci retracement and Graphical overlap resistance
Take Profit: 0.72225
Reason for Take Profit:
61.8% Fibonacci Retracement and 61.8% Fibonacci projection
Stop Loss: 0.74078
Reason for Stop Loss:
61.8% Fibonacci projection and 78.6% Fibonacci retracement

Analysis are provided byInstaForex.

Best regards, PR Manager / Learn more about InstaForex Company at http://instaforex.com

Re: InstaForex Analysis

Forex Analysis & Reviews: AUDUSD bearish continuation | 11th Oct 2021

https://forex-images.ifxdb.com/userfiles/20211011/analytics6163cb853fadd_source!.jpg

Price is holding below the descending trendline resistance, signifying a bearish momentum. We can expect the price to continue to push down towards the 1st Support in line with 78.6% Fibonacci projection and 61.8% Fibonacci Retracement. Our bearish support is further supported by the stochastic indicator where the %K line drops from the resistance level.

Trading Recommendation
Entry: 0.73454
Reason for Entry:
61.8% Fibonacci retracement and 100% Fibonacci Projection
Take Profit: 0.72230
Reason for Take Profit:
78.6% Fibonacci projection and 61.8% Fibonacci Retracement
Stop Loss: 0.74127
Reason for Stop Loss:
61.8% Fibonacci projection and 78.6% Fibonacci retracement

Analysis are provided byInstaForex.

Best regards, PR Manager / Learn more about InstaForex Company at http://instaforex.com

Re: InstaForex Analysis

Forex Analysis & Reviews: Trading plan for EUR/USD on October 12, 2021

https://forex-images.ifxdb.com/userfiles/20211012/analytics61651f09c0f80_source!.jpg

TECHNICAL OUTLOOK:
EUR/USD remained subdued in the past two trading sessions, but managed to hold above the 1.1530 intermediate support. The currency pair could be preparing to produce a counter trend rally, extending towards the 1.1900-1.2000 zone in the near term. Even if another low is print below the 1.1530 mark, downside risk remains limited for now.

EUR/USD earlier dropped from the 1.2266 highs through the 1.1530 levels, carving a meaningful bearish boundary. Bulls might be poised to retrace the above mentioned drop and push the price towards the 1.1900-1.2000 zone, before it reverses again. Only a consistent break below 1.1530 would drag the price further towards the 1.1300 mark; probability remains grim though.

EUR/USD is seen to be trading around the 1.1562 levels at this point of writing and is preparing to produce a meaningful corrective rally in the near term. The immediate price resistance is seen at 1.1640, while the interim support is around the 1.1500 levels. A break above 1.1640 will confirm that bulls are back in control.

TRADING PLAN:
Potential rally towards 1.1900-1.2000 against 1.1450 Good luck!

Analysis are provided byInstaForex.

Best regards, PR Manager / Learn more about InstaForex Company at http://instaforex.com

Re: InstaForex Analysis

Forex Analysis & Reviews: USDJPY short-term bearish pressure | 13th Oct 2021

https://forex-images.ifxdb.com/userfiles/20211012/analytics61651f09c0f80_source!.jpg

We can see that price is abiding by the ascending trendline and we can see price has reached the 1st resistance hence, we can expect the price to reverse back down to the 1st Support in line with the 50% Fibonacci retracement , 100% Fibonacci projection and ascending trendline support. Our short-term bearish bias is further supported by the RSI indicator where it touched the resistance level and dropped.

Trading Recommendation
Entry: 113.827 Reason for Entry:
100% Fibonacci Projection
Take Profit: 112.146
Reason for Take Profit:
100% Fibonacci projection and 50% Fibonacci Retracement
Stop Loss: 114.581
Reason for Stop Loss:
Horizontal swing high, 127.2% Fibonacci projection

Analysis are provided byInstaForex.

Best regards, PR Manager / Learn more about InstaForex Company at http://instaforex.com

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