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The EUR/USD pair increased as much as 1.09257 today where it has found resistance again. It's trading at 1.0901 at the time of writing. It seems undecided in the short term, that's why we need to wait for new opportunities.
Later, the economic data should move the markets. The Eurozone is to release the CPI Flash Estimate, Core CPI Flash Estimated, and the Unemployment Rate. In addition, the German retail sales data could have an impact.
On the other hand, the US is to release the Core PCE Price Index, Chicago PMI, Revised UoM Consumer Sentiment, Personal Spending, and Personal Income. The USD needs strong support from the US economy to be able to take full control.
As you can see on the H1 chart, the rate registered only false breakouts through the weekly R1 (1.0920), failing to hit the 1.0929. The price action signaled exhausted buyers in the short term.
Still, the median line (ml) and the 1.0892 represent critical downside obstacles. Testing and retesting these support levels may announce a new bullish momentum.
A valid breakdown below 1.0892 activates more declines and brings a short opportunity.
False breakdowns below the median line (ml) and through 1.0892 signals a bullish momentum. A new bullish signal could appear after making a new higher high, after making a bullish closure above 1.0929.
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