02.08.202308:22 Forex Analysis & Reviews: Trading plan for EURUSD on August 02, 2023

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Technical outlook:

EUR/USD has again tested a potential support zone around 1.0950-55 on Tuesday before pulling back higher again. The single currency pair has carved a pin bar candlestick on the daily chart indicating a potential reversal ahead. It is seen to be trading close to 1.0965 at this point in writing as the bulls prepare for the next rally towards 1.1150 in the near term.

EUR/USD is working towards a larger-degree upside target of 1.1500 and up to 1.2000 respectively. Immediate price support is seen around 1.0830 and prices need to stay higher to keep the bullish structure intact. Right now, prices are testing the resistance-turned-support trend line of the previous triangle consolidation (1.0950-80 range)

EUR/USD is also re-testing the Fibonacci 0.618 retracement of its lower-degree upswing between 1.0830 and 1.1275 levels respectively. Furthermore, a long-term trend line support is also passing through the 1.0950-80 area as seen on the chart here. A high probability remains for the bulls to come back in control from current levels.

Trading idea

A potential rally towards 1.1500 to resume soon against 1.0830

Good luck!

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