Trading plan for EURUSD on August 03, 2023
August 3, 2023 7:22 amVideo
Latest News
- Analysis of GBP/USD on April 26th. The pound trades on Friday without changes April 26, 2024
- USD/JPY: Simple trading tips for novice traders on April 26th (US session) April 26, 2024
- GBP/USD: Simple trading tips for novice traders on April 26th (US session) April 26, 2024
- EUR/USD: Simple trading tips for novice traders on April 26th (US session) April 26, 2024
- GBP/USD: trading plan for the US session on April 26th (analysis of morning deals). The pound attempted, but it didn’t go April 26, 2024
- EUR/USD: trading plan for the US session on April 26th (analysis of morning deals). The euro continues to rise April 26, 2024
- Trading Signals for GOLD (XAU/USD) for April 26-29, 2024: buy above $2,324 and sell below $2,352 (21 SMA – 6/8 Murray) April 26, 2024
- Technical Analysis – AUDUSD set to complete best week of the year April 26, 2024
- Will Apple finally drop its AI hint? – Stock Markets April 26, 2024
- Bitcoin slips as markets pare back Fed rate cuts – Crypto News April 26, 2024
- EUR/USD. April 26th. Bulls continue to advance after the GDP report April 26, 2024
- Can Chinese PMIs solidify the economy’s recovery prospects? – Preview April 26, 2024
- Weekly Forex Outlook: 26/04/2024 – Hawkish risk as Fed and NFP on tap, Eurozone data eyed too April 26, 2024
- XM’s Lombok Collaboration: Brightening Futures April 26, 2024
- Week Ahead – Hawkish risk as Fed and NFP on tap, Eurozone data eyed too April 26, 2024
- Market Comment – Yen keeps sinking after Bank of Japan decision April 26, 2024
- Fed faces dilemma amid sticky inflation and slowing economy – Preview April 26, 2024
- USD/JPY: trading tips for beginners for European session on April 26 April 26, 2024
- GBP/USD: trading tips for beginners for European session on April 26 April 26, 2024
- EUR/USD: trading tips for beginners for European session on April 26 April 26, 2024
Technical outlook:
EUR/USD slipped further to the 1.0920-25 area during the New York session on Wednesday before finding interim support. The single currency pair is 100 pips away from its critical support at 1.0830, the triangle termination. It is seen to be trading close to 1.0930 at this point in writing and is projected to resume higher towards 1.1275 and further going forward.
EUR/USD is also testing a long-term support trend line passing through September 2022 lows at 0.9535 and 1.0830 as seen on the daily chart. Furthermore, the Fibonacci 0.786 retracement of the recent upswing between 1.0830 and 1.1275 is passing through 1.0930. A high probability remains for the bulls to come back in control soon.
EUR/USD remains at a critical juncture as traders await a reaction at the trend line support around 1.0930 levels. A bullish bounce here would resume its uptrend and continue towards 1.1500 levels; while a break lower towards 1.0830 will change the trend to bearish towards 1.0500 at least. It remains to be seen how prices react in the next 1-2 trading sessions.
Trading idea:
A potential rally to resume towards 1.1500 if 1.0830 remains intact.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: