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

GBP/USD: Trading Plan for the U.S. Session on May 9th (Morning Trade Review)

In my morning forecast, I highlighted the 1.3283 level and planned to make market entry decisions based on it. Let's look at the 5-minute chart and analyze what happened

Miroslaw Bawulski 19:05 2025-05-09 UTC+2

EUR/USD: Trading Plan for the U.S. Session on May 9th (Review of Morning Trades)

In my morning forecast, I drew attention to the 1.1257 level and planned to base entry decisions around it. Let's look at the 5-minute chart and analyze what happened there

Miroslaw Bawulski 19:01 2025-05-09 UTC+2

What to Pay Attention to on May 9? A Breakdown of Fundamental Events for Beginners

There are no macroeconomic events scheduled for Friday. Fundamental developments will also be limited, but it's entirely unclear which factors influence price formation. The pound and the euro had reasons

Paolo Greco 06:19 2025-05-09 UTC+2

How to Trade the GBP/USD Pair on May 9? Simple Tips and Trade Analysis for Beginners

Analysis of Thursday's Trades 1H Chart of GBP/USD On Thursday, the GBP/USD pair continued its choppy decline within the sideways channel and failed to break out, unlike the EUR/USD pair

Paolo Greco 05:55 2025-05-09 UTC+2

How to Trade the EUR/USD Pair on May 9? Simple Tips and Trade Analysis for Beginners

Analysis of Thursday's Trades 1H Chart of EUR/USD On Thursday, the EUR/USD currency pair unexpectedly exited the sideways channel where it had been trading for three weeks. This occurred during

Paolo Greco 05:55 2025-05-09 UTC+2

Trading Recommendations and Analysis for GBP/USD on May 9: The Pound Remains Unshaken

On Thursday, the GBP/USD currency pair continued trading within the sideways channel, visible in the hourly timeframe. Two central bank meetings — each of which could be considered favorable

Paolo Greco 04:05 2025-05-09 UTC+2

Trading Recommendations and Analysis for EUR/USD on May 9: Everything Eventually Comes to an End

The EUR/USD currency pair exhibited a particularly interesting trend on Thursday. As a reminder, the FOMC meeting results were announced Wednesday evening, and we once again considered them hawkish. It's

Paolo Greco 04:05 2025-05-09 UTC+2

GBP/USD: Trading Plan for the U.S. Session on May 8th (Review of Morning Trades)

In my morning forecast, I focused on the 1.3286 level and planned to base market entries from it. Let's look at the 5-minute chart and analyze what happened. A breakout

Miroslaw Bawulski 19:22 2025-05-08 UTC+2

EUR/USD: Trading Plan for the U.S. Session on May 8th (Review of Morning Trades)

In my morning forecast, I focused on the 1.1269 level and planned to make market entry decisions from it. Let's take a look at the 5-minute chart and analyze what

Miroslaw Bawulski 19:19 2025-05-08 UTC+2

How to Trade the GBP/USD Pair on May 8? Simple Tips and Trade Analysis for Beginners

Analysis of Wednesday's Trades 1H Chart of GBP/USD The GBP/USD pair showed no notable movements on Wednesday. After Jerome Powell stated the need for more time to assess the full

Paolo Greco 06:05 2025-05-08 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.