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 25? Simple Tips and Trade Analysis for Beginners

Analysis of Thursday's Trades 1H Chart of GBP/USD On Thursday, the GBP/USD pair exhibited a relatively strong decline, triggered by weak business activity indices in the UK. However, this explanation

Paolo Greco 06:43 2025-07-25 UTC+2

How to Trade the EUR/USD Pair on July 25? Simple Tips and Trade Analysis for Beginners

Analysis of Thursday's Trades 1H Chart of EUR/USD The EUR/USD currency pair showed no significant movements on Thursday and remained in low volatility, despite it being the most eventful

Paolo Greco 06:43 2025-07-25 UTC+2

Trading Recommendations and Trade Breakdown for GBP/USD on July 25: The Pound Finds Time for a Correction

On Thursday, the GBP/USD currency pair traded lower, which can be considered a local correction. This movement will cease to be a correction only if the price consolidates below

Paolo Greco 04:17 2025-07-25 UTC+2

Trading Recommendations and Trade Breakdown for EUR/USD on July 25: The Market Wanders Aimlessly

On Thursday, the EUR/USD currency pair exhibited astonishingly low volatility and a complete unwillingness to move in any clear direction. Many traders were expecting active movements during

Paolo Greco 04:17 2025-07-25 UTC+2

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
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.