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24.07.202307:39 Forex Analysis & Reviews: Trading plan for EURUSD on July 24, 2023

Exchange Rates 24.07.2023 analysis

Technical outlook:

EUR/USD has resumed its correction towards 1.1100 and 1.1000 levels as discussed and projected. The single currency pair has almost hit 1.1100 last week and could produce a corrective rally toward 1.1170 in the next 1-3 trading sessions. Once complete, prices should resume lower towards 1.1000 to complete the structure.

EUR/USD broke out of its larger-degree triangle consolidation after terminating its last leg around 1.0830. The first wave higher seems to be in place at 1.1275 as the bears work on the second wave correction. Earlier, the single currency rallied over 700 pips between 0.9535 and 1.1035 to carve a meaningful larger-degree upswing. Another 700 pips rally could be in the making against 1.0830.

EUR/USD is working on its recent lower-degree upswing between 1.0830 and 1.1275. A corrective wave is unfolding and is projected to terminate close to 1.1000 going forward. Also, note that the Fibonacci 0.618 retracement of the above rally is passing through 1.1000 and hence, the probability for a bullish bounce remains high.

Trading idea:

A potential drop toward 1.1000 in the next few trading sessions.

Good luck!

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Oscar Ton,
Analytical expert of InstaSpot
© 2007-2025
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