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08.08.202212:45 Forex Analysis & Reviews: Trading plan for EURUSD on August 08, 2022

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Technical outlook:

EURUSD continues to drift within a tight trading range between 1.0150 and 1.0260 for the last few trading sessions. The single currency pair is seen to be trading close to 1.0180 at this point in writing and is expected to push higher towards 1.0800 at least. Please note that prices could drop to the 1.0075 potential support before resuming a rally.

EURUSD is still working to produce a larger-degree counter-trend rally towards the 1.0800-1.0900 zone. It is close to the Fibonacci 0.382 retracement of the drop between 1.2350 and 0.9952 as seen on the daily chart. Also, note that the bulls are looking poised to take out price resistance at around 1.0610 followed by 1.0790 respectively.

EURUSD has already carved a lower-degree upswing between 0.9952 and 1.0294 which is being retraced for now. The Fibonacci 0.618 retracement of the above rally is seen at around 1.0075. We can expect a bullish bounce if prices manage to reach there. The overall structure continues to be bullish until prices stay above 0.9952.

Trading plan:

Potential rally through 1.0800 against 0.9975.

Good luck!

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