empty
 
 
24.04.2013 08:39 AM
Strategy of the day on EUR/USD

This image is no longer relevant

The spot rate approaches the lower limit of its medium term bearish channel at 1.2970 suggesting a rebound. However, a break of these levels will free a large potential and initiate a more violent bearish channel.

Technical indicators provide sell signals but until the support is not broken, the assumption of a rebound is most likely. Bollinger bands are much discarded as a result of a strong decline these days. Stabilization is expected in a short term.

The spot rate is currently testing the lower limit of its channel, so we recommend 2 scenarios: the first one is the hypothesis of a rebound - then we recommend a buy on the level of 1.2970 with the 1st objective at 1.3030 and then at 1.3050. A break through 1.2950 will invalidate this scenario. The second scenario is a break of its support - then we recommend a “sell stop” that means to sell the spot rate as soon as it has broken through its support of 1.2970 with the 1st objective at 1.2910 and then at 1.2890. A break through 1.2990 will invalidate this scenario. 

InstaForex Analyst,
Analytical expert of InstaForex
© 2007-2024
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
  • Chancy Deposit
    Deposit your account with $3,000 and get $5000 more!
    In November we raffle $5000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback