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08.08.202210:54 Forex Analysis & Reviews: Trading tips for EUR/USD

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Exchange Rates 08.08.2022 analysis

After the release of strong data on US employment, demand for dollar rose, leading to a fall in EUR/USD.

Exchange Rates 08.08.2022 analysis

The closing of the pair with an absorption last Friday created promising targets around the two-week buy stops.

Exchange Rates 08.08.2022 analysis

This can be used as a reference when working for a further decline in the market.

Exchange Rates 08.08.2022 analysis

Considering that recent price movements formed a three-wave (ABC) pattern, where wave A represents the bearish pressure last Friday, traders can enter the market by selling up to the 50% retracement level, with stop loss at 1.2350. Exit the market on the breakdown of 1.01400, 1.01220 and 1.01

This trading idea is based on the "Price Action" and "Stop Hunting" methods.

Good luck and have a nice day!

Andrey Shevchenko
Analytical expert of InstaForex
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