empty
07.08.2023 08:36 AM
Trading plan for EUR/USD for August 07, 2023

This image is no longer relevant

Technical outlook:

EUR/USD rallied through the 1.1050 range on Friday, as projected earlier, producing a morning star candlestick pattern on the daily chart. The single currency pair is seen to be trading close to the 1.0980 levels at this point of writing and is expected to find support here. Bulls are looking poised to come back in control and push prices through 1.1275, going forward.

EUR/USD is also bouncing from its September 2022 trend line support around the 1.0900–20 range. The structure will continue to remain bullish until prices stay above the 1.0830 support. Also note that projected targets are 1.1275 and 1.1500 in the next few weeks before bears are back in control. Once again, 1.0830 remains the key for bulls to stay in control.

EUR/USD has found support around the Fibonacci 0.786 retracement levels of its recent rally between 1.0830 and 1.1275. A high probability remains for a rally from here while prices stay above the 1.0830 mark. On the flip side, if prices break below the 1.0830 support, it would open the door to a slide through the 1.0500 levels in the near term.

Trading idea:

Potential rally towards 1.1275 to resume soon.

Good luck!

Oscar Ton,
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

How to Trade the GBP/USD Pair on May 23? Simple Tips and Trade Analysis for Beginners

Analysis of Thursday's Trades 1H Chart of GBP/USD The GBP/USD pair didn't even attempt a correction on Thursday. While the euro faced bearish pressure from weak business activity indices

Paolo Greco 05:58 2025-05-23 UTC+2

How to Trade the EUR/USD Pair on May 23? Simple Tips and Trade Analysis for Beginners

Analysis of Thursday's Trades 1H Chart of EUR/USD On Thursday, the EUR/USD currency pair corrected to the nearest support level on the hourly timeframe, which was at 1.1267. Multiple factors

Paolo Greco 05:57 2025-05-23 UTC+2

Trading Recommendations and Analysis for GBP/USD on May 23: Pound Prepares for a Historic Breakout

The GBP/USD currency pair broke out of its sideways channel through the upper boundary, but it is in no hurry to continue rising. Traders appear to be gathering momentum

Paolo Greco 03:43 2025-05-23 UTC+2

Trading Recommendations and Analysis for EUR/USD on May 23: The Euro Couldn't Withstand the Pressure

On Thursday, the EUR/USD currency pair traded lower, which can be considered an exception to the general trend. Nearly all macroeconomic reports during the day were unfavorable for the euro

Paolo Greco 03:43 2025-05-23 UTC+2

How to Trade the GBP/USD Pair on May 22? Simple Tips and Trade Analysis for Beginners

Analysis of Wednesday's Trades 1H Chart of GBP/USD The GBP/USD pair maintained its upward trend on Wednesday, a movement that has developed over the past two weeks. Recall that

Paolo Greco 06:31 2025-05-22 UTC+2

How to Trade the EUR/USD Pair on May 22? Simple Tips and Trade Analysis for Beginners

Analysis of Wednesday's Trades 1H Chart of EUR/USD On Wednesday, the EUR/USD currency pair continued its upward movement calmly and steadily. The price broke through the 1.1267 level, which

Paolo Greco 06:31 2025-05-22 UTC+2

Trading Recommendations and Analysis for GBP/USD on May 22: The Pound Breaks Through Key Levels

The GBP/USD currency pair also resumed its upward movement on Wednesday. The rise of the British pound, which in reality still reflects the fall of the US dollar, began overnight

Paolo Greco 03:30 2025-05-22 UTC+2

Trading Recommendations and Analysis for EUR/USD on May 22: Reasons Don't Matter and Aren't Needed

The EUR/USD currency pair resumed its upward movement on Wednesday, and it is now safe to say that the uptrend is present not only in the hourly timeframe but also

Paolo Greco 03:30 2025-05-22 UTC+2

How to Trade the GBP/USD Pair on May 21? Simple Tips and Trade Analysis for Beginners

Analysis of Tuesday's Trades 1H Chart of GBP/USD The GBP/USD pair mainly traded sideways on Tuesday, but early Wednesday morning it surged upward. On the 4-hour timeframe, it's clear that

Paolo Greco 06:17 2025-05-21 UTC+2

How to Trade the EUR/USD Pair on May 21? Simple Tips and Trade Analysis for Beginners

Analysis of Tuesday's Trades 1H Chart of EUR/USD On Tuesday, the EUR/USD currency pair traded sideways, but it resumed its upward movement early Wednesday morning. This indicates that the ongoing

Paolo Greco 06:17 2025-05-21 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.