We present to you the daily updated section of market analysis prepared by professional analysts of InstaForex Company. Each of the specialists represented in this section, carries out analytical reviews in accordance with his/her vision of the current situation on foreign exchange and other markets. However, the outlooks below are only recommendations and not instructions to any actions; they contain analysis of the current situation on the currency market. In some cases the analysts' opinions to changes in the current market situation can differ, in this way, we recommend you to follow the publications of only one analyst, who in your view most clearly and correctly evaluates the situation on the international Forex market.
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According to previous events, the price has still been trapped between 1.5280 and 1.5215, so it is wise to be careful in this range area around the level 38.2% of Fibonacci retracement levels and 00% (it will form a double bottom)...
The markets opened with minor gaps this week. This did not happen to JPY pairs only: it happened to some pairs and crosses as well. Great volatility is expected soon.
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The weak bullish structure with integrated swings led to price fall after the upper limit of the movement channel 1.5590-1.5600 had provided a considerable resistance for the pair....
We talked about consolidation of the pair within the price range 1.2950 -1.3240 and the importance of breakout off this zone for the liberation of the pair....
Supply zone located around 1.5550-1.5600 (the upper limit of the depicted bullish channel and 50% Fibonacci level) provided considerable resistance for the cable last week....
From the today's H4 chart, we can notice that the pair opened this week below the lower boundary of its bullish channel which would give the pair a good opportunity to start its bearish move....
