empty
 
 
fr
Assistance
Ouverture rapide de compte
Plateforme de trading
Déposer / Retirer

01.08.202207:02 Forex Analysis & Reviews: Trading plan for EURUSD for August 01, 2022

Exchange Rates 01.08.2022 analysis

Technical outlook:

EURUSD rose through 1.0230 again after finding support at around 1.0145 last week. The single currency pair is seen to be trading close to 1.0225 at this point in writing and is expected to stay above the 0.9952 interim support. Prices might drop below 1.0105 but bulls are looking keen to hold ahead of 0.9975.

EURUSD is still unfolding a larger-degree corrective rally since the 0.9975 lows. hence, the trading instrument has the potential to reach the 1.0800-1.0900 area in the next several weeks. Prices have carved a lower-degree upswing between 0.9975 and 1.0273 as seen on the daily chart. Furthermore, it has retraced through 1.0105, which is just a few pips shy of the Fibonacci 0.618 retracement at 1.0075.

Even if prices drop through 1.0075, EURUSD is expected to find support and produce a bullish bounce. It is expected to push through the 1.0800-1.0900 range thereafter. The bottom line is that prices should hold above 0.9975, which acts as interim support at the moment. Thus, we have to check whether EUR produces a trend reversal or just a corrective rally.

Trading plan:

Potential rally through 1.0800-1.0900 against 0.9975

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
© 2007-2024
Benefit from analysts’ recommendations right now
Top up trading account
Open trading account

InstaSpot analytical reviews will make you fully aware of market trends! Being an InstaSpot client, you are provided with a large number of free services for efficient trading.

Can't speak right now?
Ask your question in the chat.