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
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 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

Trading Recommendations and Trade Breakdown for GBP/USD on July 22: The Pound Begins to Reverse the Trend

The GBP/USD currency pair also maintained an upward trajectory throughout Monday. The reasons were identical to those for EUR/USD. The dollar had been rising for three weeks on pure trader

Paolo Greco 03:45 2025-07-22 UTC+2

Trading Recommendations and Trade Breakdown for EUR/USD on July 22: The Dollar's Fairytale Is Over

On Monday, the EUR/USD currency pair continued its upward movement, which began last week. There were no local macroeconomic reasons for the euro's rise, but there were plenty of fundamental

Paolo Greco 03:45 2025-07-22 UTC+2

GBP/USD: Trading Plan for the European Session on July 21. Commitment of Traders (COT) Reports (Analysis of Yesterday's Trades). Pound Attempted to Recover

Last Friday, only one entry point into the market was formed. Let's look at the 5-minute chart and analyze what happened. In my morning forecast, I highlighted the 1.3442 level

Miroslaw Bawulski 08:12 2025-07-21 UTC+2

EUR/USD: Trading Plan for the European Session on July 21. Commitment of Traders (COT) Reports (Analysis of Yesterday's Trades). Euro Correction Is Nearing Its End

Only one market entry point was formed last Friday. Let's look at the 5-minute chart to see what happened. In my morning forecast, I highlighted the 1.1654 level

Miroslaw Bawulski 08:11 2025-07-21 UTC+2

How to Trade the GBP/USD Pair on July 21? Simple Tips and Trade Analysis for Beginners

Analysis of Friday's Trades 1H Chart of GBP/USD The GBP/USD pair also traded higher on Friday, but this movement had little meaningful impact. The downtrend in the British pound remains

Paolo Greco 04:01 2025-07-21 UTC+2

How to Trade the EUR/USD Pair on July 21? Simple Tips and Trade Analysis for Beginners

Analysis of Friday's Trades 1H Chart of EUR/USD On Friday, the EUR/USD currency pair continued its upward movement after rebounding twice from the 1.1563 level

Paolo Greco 04:01 2025-07-21 UTC+2

How to Trade the GBP/USD Pair on July 18? Simple Tips and Trade Analysis for Beginners

Analysis of Thursday's Trades 1H Chart of GBP/USD On Thursday, the GBP/USD pair also traded with minimal volatility. Strangely enough, there was quite a lot of interesting data released yesterday

Paolo Greco 06:13 2025-07-18 UTC+2

How to Trade the EUR/USD Pair on July 18? Simple Tips and Trade Analysis for Beginners

Analysis of Thursday's Trades 1H Chart of EUR/USD On Thursday, the EUR/USD currency pair traded in a near-flat range with very low volatility (around 50 pips). After the storm

Paolo Greco 06:13 2025-07-18 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.