empty
18.02.2013 11:44 AM
Strategy of the day on EUR/USD

This image is no longer relevant

 

The spot rate is currently testing the intermediate resistance of its medium-term bearish channel at 1.3400 suggesting a decline. However, a break of these levels will allow it to reach the upper limit of its channel at 1.3620.
Technical indicators do not provide clear signals, but until the resistance is not broken the assumption of a decline is most likely. Bollinger bands have stabilized showing a more regular volatility.
The spot rate is currently testing the intermediate resistance of its channel, we suggest 2 scenarios. The first one is the hypothesis of a decline where we recommend a sell on the level of 1.3400 with the 1st objective at 1.3340 and then at 1.3320. A breakthrough of 1.3420 will invalidate this scenario. The second scenario is a break of its resistance where we advise a “buy stop” which means to buy the spot rate as soon as it is broken through its resistance of 1.3400 with the 1st objective at 1.3460 and then at 1.3480. A breakthrough of 1.3380 will invalidate this scenario.

InstaForex Analyst,
Analytical expert of InstaForex
© 2007-2025
Select timeframe
5
min
15
min
30
min
1
hour
4
hours
1
day
1
week
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST

Recommended Stories

GBP/USD. January 24th. The US Dollar Awaits the FOMC Meeting

On the hourly chart, the GBP/USD pair rebounded from the 261.8% Fibonacci level at 1.2303 on Thursday, reversed in favor of the British pound, and secured itself above the 1.2363–1.2370

Samir Klishi 11:32 2025-01-24 UTC+2

Forex forecast 24/01/2025: EUR/USD, GBP/USD, USD/JPY and Bitcoin

Video Agenda: 00:00 INTRO00:14 Totay's key events: HCOB Germany Manufacturing PMI, S&P Global Manufacturing PMI, S&P Global Services PMI, Existing Home Sales 02:40 EUR/USD04:34 USDX06:28 GBP/USD07:57 USD/JPY10:26 BTC/USD Useful links

Sebastian Seliga 10:21 2025-01-24 UTC+2

EUR/USD and GBP/USD on January 24 - Technical Analysis of the Situation

Bullish traders are looking to maintain their current positions and potentially push the pair higher. Since today is Friday, the weekly close will be significant. An ideal scenario

Evangelos Poulakis 09:21 2025-01-24 UTC+2

Forecast for EUR/USD on January 24, 2025

The euro has been poised for a decline since Tuesday; however, the growth of the stock market has kept European currencies in a sideways trend. We do not anticipate

Laurie Bailey 03:34 2025-01-24 UTC+2

Forecast for GBP/USD on January 24, 2025

On Thursday, the GBP/USD pair once again tested the resistance level at 1.2367. However, today the price has begun the session with a decline. The signal line of the Marlin

Laurie Bailey 03:34 2025-01-24 UTC+2

Forecast for USD/JPY on January 24, 2025

Today at 3:00 AM London time, the Bank of Japan is expected to raise the interest rate from 0.25% to 0.50%. The accompanying press conference is scheduled for 9:30

Laurie Bailey 03:34 2025-01-24 UTC+2

Trading Signals for EUR/USD for January 23-26, 2025: sell below 1.0400 (21 SMA - 5/8 Murray)

The Eagle indicator is reaching an overbought zone. So, we believe that there will be a strong fall in EUR/USD in the next few days. The 1.0400 level could

Dimitrios Zappas 14:00 2025-01-23 UTC+2

Trading Signals for GOLD (XAU/USD) for January 23-26, 2025: sell below $2,755 (21 SMA - 7/8 Murray)

Technically, gold is showing overbought signs. So, we expect a drop in gold at least to 2,734 in the next few hours. We must pay attention to this area

Dimitrios Zappas 13:59 2025-01-23 UTC+2

Forecast for EUR/USD on January 23, 2025

On Wednesday, the EUR/USD pair continued its upward movement and tested the resistance zone of 1.0435–1.0448. A rebound from this zone worked in favor of the US dollar, initiating

Samir Klishi 12:12 2025-01-23 UTC+2

GBP/USD. January 23. Bulls Retreat from Strong Resistance

On the hourly chart, the GBP/USD pair rose to the resistance zone of 1.2363–1.2370 on Wednesday, rebounded from it, and reversed in favor of the US dollar. As of Thursday

Samir Klishi 12:08 2025-01-23 UTC+2
Can't speak right now?
Ask your question in the chat.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.