Instaforex Analysis

**InstaForex Gertrude** · 13-05-21, 08:40

Forex Analysis & Reviews: Technical Analysis of ETH/USD for May 13, 2021

Crypto Industry News:
During the first 7 days from the introduction of Ethereum Futures to the market by CME, the value of concluded contracts exceeded USD 23 million. According to a recent OKEx Insights report, "partial data for the week ending April 25 shows weekly volumes hit an all-time high of $ 353 million - over 166% more than the previous week's $ 132.57 million.

"Moreover, the number of contracts opened in the CME Ether Futures market also increased at a similar pace. The aforementioned report showed in this respect that:

"During the first month of trading, ETH Futures had an average Open Interest of $ 61.17 million. March data showed a significant spike in activity with average Open Interest peaked at $ 101.67 million.

In fact, since April 21, OI figures have risen to $ 205.6 million, reflecting the size of institutional measures that hit the Ethereum market in the last few months.

According to OKEx Insights, one of the main factors behind this was the normalization of mainstream cryptocurrency investing. The authors of the report argue that it was a byproduct of MicroStrategy, MassMutual and Tesla's entry into the cryptocurrency space, and each of these companies' actions legitimized a sector that had long struggled for Wall Street's attention.

Technical Market Outlook:
The ETH/USD pair has tested the key short-term technical support located at the level of $3,596 and bounced more than 50% already. The next local target for bulls is the 61% Fibonacci retracement located at the level of $4,074. If this retracement level is clearly violated, then bulls will likely test the ATH again (located at $4,369). The momentum is strong and positive, so it supports the bullish outlook for ETH.

Weekly Pivot Points:
WR3 - $4,545
WR2 - $4,714
WR1 - $4,394
Weekly Pivot - $3,656
WS1 - $3,369
WS2 - $2,577
WS3 - $2,290

Trading Recommendations:
The longer term up trend on the Ethereum continues despite the local counter-trend corrections. The next long term target for ETH/USD is seen at the level of $5,000. The key long term technical support is seen at the level of $3,881, so only a weekly candle close below this level will invalidate the bullish scenario.

Analysis are provided by InstaForex

**InstaForex Gertrude** · 14-05-21, 08:08

Forex Analysis & Reviews: Forecast for EUR/USD on May 14, 2021

EUR/USD Over the past day, nothing significant has happened to the euro. The price traded with a range of 27 points, closing the day with a symbolic rise. The Marlin oscillator approached the zero line even more on the daily, lowering the chances of a double divergence. The target for the decline is still the same - 1.1986.

The price settled below the MACD indicator line on the four-hour chart, Marlin conducted its own sideways consolidation. The similarity of the price and the oscillator enhances the technical sign of further downward price movement. Overcoming yesterday's low (1.2051) opens the way to the target at 1.1986.

Analysis are provided by InstaForex

**InstaForex Gertrude** · 17-05-21, 08:37

Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for May 17, 2021

EUR/JPY is in the final leg higher to the 133.66 target from where we should expect a correction in wave 4/ towards at least 130.82 and likely even closer to the 38.2% corrective target seen at 129.06. In the short term, a break below minor support at 132.00 will indicate that wave 3/ is complete and wave 4/ lower to support in the 129.06 - 130.82 area is in motion before rising higher again in wave 5/ towards 137.19.

Trading recommendation:
Sell long positions in EUR/JPY near 133.66 or upon a break below 132.00 and look for a new buying opportunity near 129.06

Analysis are provided by InstaForex

**InstaForex Gertrude** · 18-05-21, 08:55

Forex Analysis & Reviews: Forecast for EUR/USD on May 18, 2021

EUR/USD
The euro is still hesitant to turn around. Now it clearly shows an intention to form a double divergence with the Marlin oscillator. The upward potential is up to the upper border of the price channel around 1.2238. The level may not be reached.

The current situation is completely upward on the four-hour scale - the price is rising above the balance and MACD indicator lines, the signal line of the Marlin oscillator turned upward from the zero line (arrow). Exit of the price above 1.2177 will mark the beginning of the formation of a double divergence, moving under the MACD line (1.2102) will indicate a downward trend reversal.

Analysis are provided by InstaForex

**InstaForex Gertrude** · 19-05-21, 07:54

Forex Analysis & Reviews: Forecast for GBP/USD on May 19, 2021

GBP/USD
The pound gained 54 points on Tuesday. Trading volumes were at the level of the last two days and were generally average for the month. The growth probably occurred mainly due to the closing of moderate positions in terms of volume. On the daily chart, a price divergence is formed with the Marlin oscillator. The oscillator is probably preparing to leave the area from its own rising channel.

The divergence looks stronger and almost complete on the four-hour chart. With the price moving below the MACD line, around the level of 1.4103 (May 11 low), the price will move to 1.4004, to the May 13 low.

Analysis are provided by InstaForex

**InstaForex Gertrude** · 20-05-21, 08:30

Forex Analysis & Reviews: GBPUSD holding above ascending trendline support! Bounce incoming!

GBPUSD holding above ascending trendline support. A short term bounce above 1st support at 1.40881 towards 1st resistance at 1.42117could be possible. RSI is testing support where price bounced in the past as well. Trading Recommendation Entry: 1.40881 Reason for Entry: 61.8% Fibonacci retracement, ascending trendline support
Take Profit: 1.42117
Reason for Take Profit:
Graphical swing high
Stop Loss: 1.40056
Reason for Stop Loss:
Horizontal swing low

Analysis are provided by InstaForex

**InstaForex Gertrude** · 21-05-21, 07:45

Forex Analysis & Reviews: Forecast for USD/JPY on May 21, 2021

USD/JPY
Yesterday, the dollar lost 44 points against the yen, but this day may be the last in the current stage of suppressing the pair's growth. Equity markets rose well yesterday (S& P 500 1.06%), this morning, the dollar shows a technical recovery to strengthen.

On the daily chart of the USD/JPY pair, the Marlin oscillator turns to the upside from the zero (neutral) line. Sure. These are only signs that the pair would rise. First of all, the price should rise above the strong resistance at 109.37. In this case, the 109.97 target is open, to which the MACD line is aiming for, then it may continue to rise to the area where two lines of price channels at 110.50 intersect.

On the four-hour chart, the only weak sign of growth is the Marlin Oscillator, which is turning up, but is still in the negative area. The MACD line coincides with the technical price level of 109.37, this increases the level's significance and at the same time its strength. We are waiting for the development of events.

Analysis are provided by InstaForex

**InstaForex Gertrude** · 24-05-21, 08:23

Forex Analysis & Reviews: Forecast for EUR/USD on May 24, 2021

EUR/USD The euro decided to make a reversal. So far, this reversal consists of an attack on support at 1.2170 that is not very confident. But the level is strong, it has acted as support and resistance several times since December last year.

The Marlin oscillator is decreasing on a daily basis, bracing for an attack on the border of the bears' territory, and according to its indication, the probability of the price successfully breaking through the indicated level is high. The target of the subsequent movement is the 1.1985-1.2040 range, defined by the May low and the MACD line.

Marlin is in the negative area on the H4 chart, the price is consolidating before the support of the actual price level at 1.2170 as well as the MACD line. Today is a holiday in Germany, Canada and Switzerland, and the US will not report any important reports, so we are waiting for the continuation of consolidation. Tomorrow, IFO indices will be released in Germany, as well as reports on US home prices, new home sales, and consumer confidence. We are waiting for the increased dynamics of the euro.

Analysis are provided by InstaForex

**InstaForex Gertrude** · 25-05-21, 08:03

Forex Analysis & Reviews: Forecast for EUR/USD on May 25, 2021

EUR/USD
The consolidation we expected yesterday acquires an increased range, the price returns to the peaks on May 19 and 21. Most likely, the price will not be allowed to rise above these highs by the price channel line and double divergence with the Marlin oscillator. Until this exit has taken place, the main scenario is the euro reversal towards the departure under the May low of 1.1985.

The price is above the balance indicator lines and the MACD on the four-hour chart, while the Marlin oscillator has moved into the growth area. We don't expect Tuesday to be an easy day for the dollar, the euro, most likely, will stay above 1.2170 for another day.

Analysis are provided by InstaForex

**InstaForex Gertrude** · 26-05-21, 08:37

Forex Analysis & Reviews: Elliott wave analysis of Silver for May 26, 2021

Silver is ready to test key resistance at 29.86. When it breaks this level, silver will move higher to the all-time high at 49.83. Ultimately silver should break above here too for a rally closer to 100.

Support is now seen at 27.46 that ideally should be able to protect the downside.

Trading recommendation:

Buy silver for a test of 29.86 and ultimately a break above here too for a continuation towards 49.83

Analysis are provided by InstaForex

**InstaForex Gertrude** · 27-05-21, 08:25

Forex Analysis & Reviews: Forecast for EUR/USD on May 27, 2021

EUR/USD
The euro began to decline. Yesterday the price expectedly left the wedge-shaped formation downwards, this morning the Marlin oscillator attacks the border of the downward trend. Double divergence is gaining strength. The first target for the decline is the MACD line in the area of 1.2055, which is near the low on May 13.

The price settled under the MACD line on the four-hour chart, and the Marlin oscillator was deeply embedded in negative territory. We are waiting for the price at the designated target.

Analysis are provided by InstaForex

**InstaForex Gertrude** · 28-05-21, 08:00

Forex Analysis & Reviews: US stocks rise after unemployment data

As a result of trading, the Dow Jones Industrial Average rose 139 points, or 0.4%, to 34462. The S&P 500 index rose 0.1%. The Nasdaq Composite was down less than 0.1%.

This week, stock indices are hovering amid easing concerns about a spike in inflation and after Fed officials said they could start discussing adjustments to asset purchase programs in the near future. Investors are closely monitoring indicators of economic activity to assess the likely timing of the withdrawal of monetary stimulus.

The number of initial applications for unemployment benefits last week was 406,000, a week earlier it was 444,000. It fell to a new low since the start of the pandemic due to further improvement in the labor market situation, and was even lower than analysts expected.

Durable goods orders fell 1.3% in April, while economists were mostly forecasting an upturn. US GDP for the 1st quarter, according to the second estimate, grew by 6.4%.

Investors are closely watching the stocks of companies that have become popular among online traders. AMC Entertainment shares up 50%. Stocks and GameStop hovered around the flat line.

Ford Motor shares added 5.7%. They are rising for the second day in a row after the company announced that 40% of its global car fleet should be fully electric by 2030. Dollar Tree shares fell 6.9%.

The yield on 10-year US Treasuries rose to 1.609% from 1.572% on Wednesday.

The pan-European Stoxx Europe 600 gained 0.3%.

In Asia, trading in shares ended with multidirectional dynamics. Shanghai Composite added 0.4%, Hang Seng dropped 0.2%.

Analysis are provided by InstaForex

**InstaForex Gertrude** · 31-05-21, 07:38

Forex Analysis & Reviews: Forecast for EUR/USD on May 31, 2021

EUR/USD
The euro fell by 60 points last Friday, and with the release of positive US data, it returned to the opening of the day. Investors probably closed against the data ahead of the long weekend in the US and UK until June 1. Consumer personal spending for April increased by the expected 0.5%, the US trade balance for April improved from -92.0 billion dollars to -85.2 billion.

Technically, nothing has changed for the euro, even the indicators at the end of the day did not move from their values. As a result, we are still waiting for the price to support the MACD line on the daily chart near the 1.2052 mark. The level coincides with the low on May 13.

On the four-hour chart, the price did not go over the MACD line and the Marlin oscillator did not cross the zero line, that is, did not leave the negative territory. The EUR/USD pair is likely to resume its decline.

Analysis are provided by InstaForex

**InstaForex Gertrude** · 01-06-21, 08:08

Forex Analysis & Reviews: Forecast for EUR/USD on June 1, 2021

EUR/USD
On Monday, the euro strengthened in a trading range of May 19-27 in the thin market, still creating a technical risk for growth to the target levels of 1.2272 and 1.2310 (peaks on December 17 and 31, 2020). A decline from yesterday's opening removes such a risk and will set the euro to exit the range down.

This moment looks more detailed on the four-hour scale: consolidating under the MACD line (1.2220) with a departure under 1.2200 creates a signal for movement towards the MACD line on the daily chart, in the area of 1.2068.

Analysis are provided by InstaForex

**InstaForex Gertrude** · 02-06-21, 08:24

Forex Analysis & Reviews: Technical Analysis of EUR/USD for June 2, 2021

Technical Market Outlook:
The EUR/USD pair rally towards the swing high had been capped at the level of 1.2254 after the Pin Bar candlestick was made. The next target for bulls is seen at the level of 1.2266, which is a swing high. If there is no sustained and coordinated up wave continuation above the level of 1.2266, the bears might strike again and push the prices towards the main channel lower line seen around the level of 1.2160 or the local low made at 1.2131. So fat the momentum is strong and positive, which support the short-term bullish outlook.

Weekly Pivot Points:
WR3 - 1.2356
WR2 - 1.2298
WR1 - 1.2235
Weekly Pivot - 1.2173
WS1 - 1.2117
WS2 - 1.2059
WS3 - 1.1997

Trading Recommendations:
The daily time frame chart show the breakout above the trend line resistance and a new swing high above the recent Doji candlestick high. The momentum is strong and positive, so the up trend can be continued towards the next long-term target located at the level of 1.2241 (25.02.2021) and 1.2350 (06/01/2021).

Analysis are provided by InstaForex

**InstaForex Gertrude** · 03-06-21, 08:05

Forex Analysis & Reviews: Technical Analysis of EUR/USD for June 3, 2021

Technical Market Outlook:
The EUR/USD pair had tested the lower channel line again, just around the level of 1.2200 and made a new local low at the level of 1.2164. If there is no sustained and coordinated up wave continuation above the level of 1.2266, the bears might strike again and push the prices towards the main channel lower line seen around the level of 1.2160 or the local low made at 1.2131. The momentum is neutral and the market conditions are now overbought.

Weekly Pivot Points:
WR3 - 1.2356
WR2 - 1.2298
WR1 - 1.2235
Weekly Pivot - 1.2173
WS1 - 1.2117
WS2 - 1.2059
WS3 - 1.1997

Trading Recommendations:
The daily time frame chart show the breakout above the trend line resistance and a new swing high above the recent Doji candlestick high. The momentum is strong and positive, so the up trend can be continued towards the next long-term target located at the level of 1.2241 (25.02.2021) and 1.2350 (06/01/2021).

Analysis are provided by InstaForex

**InstaForex Gertrude** · 04-06-21, 08:37

Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for June 4, 2021

We are looking for a correction in wave 4/ towards 130.86 as a minimum from where we could see the next impulsive rally higher towards 135.42 and possibly even higher. As wave 2/ was a simple deep zig-zag correction, we should expect a complex and hard to trade wave 4/ towards the ideal target at 130.86. It's possible that wave 4/ continues lower towards the 38.2% correction at 129.06 but only time will tell.

Trading recommendation:
As a complex and hard to trade wave 4 correction is unfolding, we recommend stay on the sideline and wait to buy EUR near 130.86 for the next rally towards 135.42

Analysis are provided by InstaForex

**InstaForex Gertrude** · 07-06-21, 07:42

Forex Analysis & Reviews: Forecast for USD/JPY on June 7, 2021

USD/JPY
The USD/JPY pair returned to support at 109.37 last Friday. The signal line of the Marlin oscillator has reached the lower border of its own rising channel on the daily chart. Growth recovery in case of price reversal from technical support in this situation looks like a "traditional" scenario, as the growing Marlin channel has acquired the third touchpoint and, thus, the 110.47 target remains relevant and important.

But the pair's recent development is directly related to the dollar index, and today it is in a situation of uncertainty. Therefore, the option of continuing the decline when the price settles below the 109.37 level is quite probable. The target of this movement will be the 108.35 level.

Analysis are provided by InstaForex

**InstaForex Gertrude** · 08-06-21, 08:08

Forex Analysis & Reviews: Forecast for EUR/USD on June 8, 2021

EUR/USD
The euro gained 23 points on Monday, going deeper into the accumulation range of May 18. The intention to form a triple divergence with the Marlin oscillator has intensified. Also, the price may turn down within the accumulation range, since the Marlin oscillator is still in the negative zone and is in no hurry to get out of it. The probability of the price reaching the level of 1.2272 is about 40%.

On the four-hour scale, the situation is similar in terms of uncertainty, here the oscillator is in the growth area, but the price is below the indicator lines. A breakthrough above the MACD line, above 1.2214, will increase the probability that the price will reach the 1.2272 level to 50%.

Analysis are provided by InstaForex

**InstaForex Gertrude** · 10-06-21, 08:01

Forex Analysis & Reviews: Forecast for EUR/USD on June 10, 2021

EUR/USD
Yesterday, the euro was growing at the moment by 46 points, but the final daily growth was 8 points - investors were waiting for today's decision of the ECB on monetary policy and the US CPI indicators for May. The forecast for the general CPI is 4.7% y/y against 4.2% y/y in April, the core CPI is expected to be 3.4% y/y against 3.0% y/y a month earlier. Investors, of course, are waiting for an increase in inflation indicators, so the EUR/USD pair is visually preparing to move out of the accumulation range to the downside. The likelihood of a triple divergence is still there, as news from the ECB will be released first.

But in general, whether another price surge will take place or not, we are waiting for the euro to reach the target level of 1.2051. Surpassing the level makes way for the 1.1925 target - the lower border of the rising price channel.

On the four-hour scale, the price turned downward from the MACD line yesterday, piercing it. This is still a sign of a further decline in prices from current levels. The Marlin oscillator is breaking into a downward trend zone.

Analysis are provided by InstaForex