empty
12.07.2023 12:14 PM
Trading plan for EURUSD on July 12, 2023

This image is no longer relevant

Technical outlook:

EUR/USD is going on testing the 1.1030-40 area as the RSI produces a bearish divergence on lower timeframes. The single currency pair awaits the bears to be back in control sooner than later ahead of 1.1095. It is seen to be trading around the 1.1025 level at this point in writing and is projected to turn lower towards 1.0830 at least. A break below 1.0980 will confirm a top is in place.

EUR/USD seems to have carved another wave within the triangle consolidation (potential Wave D around 1.104). Ideally, prices should turn lower towards 1.0830 and beyond to complete the pattern. The bulls will remain poised to take control thereafter and push through the 1.1095 highs going further. The price is looking lower in the near term.

EUR/USD has further completed its rally, which began from the 1.0832 lows earlier. Even if prices need to continue higher from here, a corrective drop is required. The instrument could retrace towards the 1.0900-10 area before resuming higher again. Also, note that 1.0900-10 is close to the Fibonacci 0.618 retracement of the above rally.

Trading idea:

A potential drop to 1.0800 to resume soon.

Good luck!

Oscar Ton,
Analytical expert of InstaForex
© 2007-2025
Select timeframe
5
min
15
min
30
min
1
hour
4
hours
1
day
1
week
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

GBP/USD: Trading Plan for the U.S. Session on July 7th (Review of Morning Trades)

In my morning forecast, I highlighted the 1.3602 level and planned to use it to determine entry points into the market. Let's look at the 5-minute chart and analyze what

Miroslaw Bawulski 13:21 2025-07-07 UTC+2

EUR/USD: Trading Plan for the U.S. Session on July 7th (Review of the Morning Trades)

In my morning forecast, I highlighted the 1.1749 level and planned to base market entry decisions around it. Let's look at the 5-minute chart and break down what happened

Miroslaw Bawulski 13:20 2025-07-07 UTC+2

How to Trade the GBP/USD Currency Pair on July 7th? Simple Tips and Trade Review for Beginners

On Friday, the GBP/USD pair showed total flat movement and low volatility. As with the EUR/USD pair, there was no news that day, and no macroeconomic publications were released either

Paolo Greco 07:48 2025-07-07 UTC+2

How to Trade the EUR/USD Currency Pair on July 7th: Simple Tips and Trade Analysis for Beginners

Friday Trade Analysis: EUR/USD 1H Chart The EUR/USD pair stayed flat all day Friday, with volatility totaling 36 points, clearly indicating a lack of trading activity. This is not surprising

Paolo Greco 07:32 2025-07-07 UTC+2

GBP/USD Trading Recommendations and Trade Analysis for July 7th

The GBP/USD currency pair traded with low volatility and primarily moved sideways. As mentioned earlier, last week was particularly interesting in how the market interpreted various events and publications

Paolo Greco 07:11 2025-07-07 UTC+2

EUR/USD Trading Recommendations and Trade Analysis for July 7th

The EUR/USD currency pair did not exhibit any notable movements on Friday—or any movements at all. Friday was Independence Day in the United States, effectively making it a non-trading

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

GBP/USD: Trading Plan for the U.S. Session on July 4th (Review of Morning Trades)

In my morning forecast, I highlighted the 1.3672 level as a key decision point for entering the market. Let's look at the 5-minute chart and analyze what happened. A rise

Miroslaw Bawulski 18:20 2025-07-04 UTC+2

EUR/USD: Trading Plan for the U.S. Session on July 4th (Review of Morning Trades)

In my morning forecast, I highlighted the 1.1787 level as a key point for making trading decisions. Let's look at the 5-minute chart to analyze what happened. A rise

Miroslaw Bawulski 18:16 2025-07-04 UTC+2

How to Trade the GBP/USD Pair on July 4? Simple Tips and Trade Analysis for Beginners

Analysis of Thursday's Trades 1H Chart of GBP/USD On Thursday, the GBP/USD pair once again plummeted, but this time the drop in the British currency lasted only five minutes

Paolo Greco 07:16 2025-07-04 UTC+2

How to Trade the EUR/USD Pair on July 4? Simple Tips and Trade Analysis for Beginners

Analysis of Thursday's Trades 1H Chart of EUR/USD The EUR/USD currency pair traded throughout Thursday, both before and after the publication of the U.S. Nonfarm Payrolls and unemployment data

Paolo Greco 06:34 2025-07-04 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.