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11.08.202207:38 Forex Analysis & Reviews: Trading plan for EURUSD on August 11, 2022

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Technical outlook:

EURUSD rose above the 1.0370 highs during the New York session on Wednesday. The single currency pair has pulled back a bit and is trading at around 1.0280 at this point in writing. The past resistance-turned-support zone is also around 1.0270-80 as bulls might prepare to push above 1.0370 in the near term.

EURUSD is progressing within a larger-degree counter-trend rally since the price carved the potential bottom at around 0.9952 in July 2022. The currency pair is going to retrace the entire drop between 1.2350 and 0.9952, at least towards the 1.0800-1.0900 zone. Also, note that 1.0900 matches the Fibonacci 0.382 retracement of the above bearish boundary, which should provide enough resistance.

EURUSD is working upon immediate upswing between 1.0200 and 1.0370 and might retrace through 1.0270 at least, before resuming higher again. Only a break below 1.0200 will confirm that bears are back in control and a much deeper correction is underway towards the 1/0075-1.0100 zone. The bottom line is that until 0.9952 stays intact, the structure remains bullish.

Trading plan:

Potential rally through 1.0800-1.0900 against 1.0200

Good luck!

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