empty
04.08.2021 12:42 PM
Trading plan for EURUSD for August 04, 2021

This image is no longer relevant

Technical outlook:

EURUSD finds interim support around 1.1841 today until now and possibilities remain that the corrective drop might be complete. The borders which are being worked upon is between 1.1751 and 1.1908 respectively. The fibonacci 0.618 retracement of the upper border is seen to be passing through 1.1810 (not shown) levels. It was expected for EUR/USD to drop until 1.1810 before pulling back.

EURUSD is seen to be trading around 1.1856 levels at this point in writing as it remained shy by around 20-30 pips from the strong support zone. Immediate support is seen at 1.1750, while interim resistance comes in around 1.1975 levels respectively. The larger borders which the price might visit are between 1.2266 and 1.1750 levels respectively.

EURO bulls are looking poised to push through 1.2075 levels in the next few weeks before bears are back in control. Also note that 1.2075 is fibonacci 0.618 retracement of the entire drop between 1.2266 and 1.1750 levels respectively. High probability remains for a bearish turn if prices are able to push through.

Trading plan:

Remain long with stop @ 1.1750, target is @ 1.2050/70

Then turn short with stop @ 1.2266, target @ 1.1300

Good luck!

Oscar Ton,
Analytical expert of InstaForex
© 2007-2025
Summary
Urgency
Analytic
Oscar Ton
Start trade
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 July 24? Simple Tips and Trade Analysis for Beginners

Analysis of Wednesday's Trades 1H Chart of GBP/USD The GBP/USD pair also continued its upward movement on Wednesday. As expected, this happened without the need for any news or reports

Paolo Greco 07:12 2025-07-24 UTC+2

How to Trade the EUR/USD Pair on July 24? 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. Essentially, we are seeing the same pattern every day this week —

Paolo Greco 07:12 2025-07-24 UTC+2

Trading Recommendations and Trade Breakdown for GBP/USD on July 24: The Pound Found No Reason to Pause

Unlike the EUR/USD pair, the GBP/USD currency pair steadily continued its upward movement on Wednesday. There were no significant macroeconomic events in either the U.S. or the UK during

Paolo Greco 04:02 2025-07-24 UTC+2

Trading Recommendations and Trade Breakdown for EUR/USD on July 24: Trump's Trade Deal Didn't Help the Dollar

The EUR/USD currency pair showed no notable movements on Wednesday, and the market displayed no interest in Donald Trump's trade deals. As we've said repeatedly, what's the point of trade

Paolo Greco 04:02 2025-07-24 UTC+2

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

Analysis of Tuesday's Trades 1H Chart of GBP/USD The GBP/USD pair also continued its upward movement on Tuesday. As expected, this did not require any news or reports. One could

Paolo Greco 06:51 2025-07-23 UTC+2

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

Analysis of Tuesday's Trades 1H Chart of EUR/USD On Tuesday, the EUR/USD currency pair continued its upward movement, as expected. Recall that the day before, the price consolidated above

Paolo Greco 06:51 2025-07-23 UTC+2

Trading Recommendations and Trade Breakdown for GBP/USD on July 23: The Lawful Uptrend Continues

On Tuesday, the GBP/USD currency pair also continued its upward movement. While the new decline of the U.S. dollar could be attributed to Jerome Powell's speech—as the only major event

Paolo Greco 03:33 2025-07-23 UTC+2

Trading Recommendations and Trade Breakdown for EUR/USD on July 23: The Predictable Decline of the Dollar Continues

On Tuesday, the EUR/USD currency pair remained flat for the first half of the day and then moved higher in the second half. During the U.S. session, Jerome Powell delivered

Paolo Greco 03:33 2025-07-23 UTC+2

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

Analysis of Monday's Trades 1H Chart of GBP/USD On Monday, the GBP/USD pair exhibited movements nearly identical to those of the EUR/USD pair. This suggests that the US dollar

Paolo Greco 06:39 2025-07-22 UTC+2

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

Analysis of Monday's Trades 1H Chart of EUR/USD On Monday, the EUR/USD currency pair is likely to have completed a three-week downward trend. As a reminder, over the past

Paolo Greco 06:39 2025-07-22 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.