05.07.202207:23 Forex Analysis & Reviews: Trading plan for EURUSD on July 05, 2022

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Technical outlook:

EURUSD has been drifting sideways within a range between 1.0380 and 1.0460 in the last few sessions. The single currency pair found potential support at around 1.0360 last week and is likely to push towards 1.1100 in the next few weeks. The interim support at around 1.0350 should hold well going forward.

EURUSD has been working on a larger downswing between 1.2266 and 1.0350 since May 2022. Prices are likely to produce a larger-degree corrective rally towards the Fibonacci 0.382 retracement at least. The potential targets have been projected as 1.0950 and 1.1055 respectively. Besides, note that bulls might push the price towards 1.1500 since it is the Fibonacci 0.618 retracement of the above drop.

EURUSD has further carved a recent upswing between 1.0350 and 1.0786 since May 13, 2022, as seen on the daily chart. Prices are oscillating between the extremes as the pair found potential support again close to 1.0360 on Friday. A push above 1.0600-10 will be encouraging for bulls as they come back in control.

Trading plan:

Potential rally through 1.1100 against 1.0300

Good luck!

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