empty
07.08.2023 09:59 AM
Technical Analysis of EUR/USD for August 7, 2023

Technical Market Outlook:

The EUR/USD pair has broken above the technical resistance seen at the level of 1.0961 and made the new local high at the level of 1.1043. Nevertheless, the bounce was terminated and the market has returned back below 50 MA. The intraday technical support is seen at the level of 1.0961. This technical support level looks very weak, so if it is broken, the market will drop towards the swing low located at the level of 1.0913. Only a strong reversal and a breakout above the intraday supply zone (1.1028 - 1043) would change the short-term bearish outlook. Reversal confirmation comes with the level of 1.1150 breakout. Please keep an eye on the momentum on the H4 time frame chart as it is approaching the neutral level.

This image is no longer relevant

Weekly Pivot Points:

WR3 - 1.10716

WR2 - 1.10306

WR1 - 1.10088

Weekly Pivot - 1.09896

WS1 - 1.09678

WS2 - 1.09486

WS3 - 1.09076

Trading Outlook:

Since the beginning of October 2022 the EUR/USD is in the corrective cycle to the upside, but the main, long-term trend remains bearish. This corrective cycle might be terminated at the level of 1.1286 which is 61% Fibonacci retracement level when it is hit, so please keep an eye on this level and the way the market participants (bulls and bears) will deal with it.

Select timeframe
5
min
15
min
30
min
1
hour
4
hours
1
day
1
week
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST

Recommended Stories

EUR/USD Forecast for May 13, 2025

The main event yesterday, which somewhat confused the markets, was the agreement between the U.S. and China to return to the mutual tariffs that were in place before April

Laurie Bailey 04:49 2025-05-13 UTC+2

GBP/USD Forecast for May 13, 2025

By the end of yesterday, the British pound declined by 129 pips, following a 1.43% increase in the dollar index. The support range of 1.3184–1.3208 was breached, and the movement

Laurie Bailey 04:49 2025-05-13 UTC+2

USD/JPY Forecast for May 13, 2025

The USD/JPY pair made a sharp and powerful move yesterday, covering more than three figures and precisely reaching the target level of 148.66, the low from last December. The trick

Laurie Bailey 04:49 2025-05-13 UTC+2

Trading Signals for BITCOIN for May 12-15, 2025: sell below $106,250 (200 EMA - 21 SMA)

Early in the American session, Bitcoin is trading around $104,250, above the 21st SMA and within the bullish trend channel formed on May 4th. We observe exhaustion. During the last

Dimitrios Zappas 17:34 2025-05-12 UTC+2

Trading Signals for EUR/USD for May 12-15, 2025: buy above 1.1080 (200 EMA - 6/8 Murray)

Early in the American session, the EUR/USD pair is trading around 1.1123, bouncing after reaching the bottom of the downtrend channel. We observe overbought conditions. At the opening of this

Dimitrios Zappas 17:33 2025-05-12 UTC+2

Forex forecast 12/05/2025: EUR/USD, GBP/USD, USD/CHF, USD/JPY, Gold and Bitcoin

Useful links: My other articles are available in this section InstaForex course for beginners Popular Analytics Open trading account Important: The begginers in forex trading need to be very careful

Sebastian Seliga 13:37 2025-05-12 UTC+2

EUR/USD. May 12. The Ukraine conflict may be resolved

Good day, dear traders! On Friday, the EUR/USD pair rose to the resistance zone of 1.1265–1.1282, rebounded, and reversed in favor of the U.S. dollar. The downward movement may continue

Samir Klishi 10:04 2025-05-12 UTC+2

GBP/USD. May 12. Trump's First Trade Deal

Good day, dear traders! On the hourly chart, the GBP/USD pair on Friday nearly completed a rebound from the 100.0% Fibonacci retracement level at 1.3205, with a reversal in favor

Samir Klishi 10:04 2025-05-12 UTC+2

Trading Signals for GOLD for May 9-12, 2025: sell below $3,361 (21 SMA - 7/8 Murray)

On the other hand, if the bearish force prevails, gold is expected to continue falling and could again test the 6/8 Murray level, which could serve as a good point

Dimitrios Zappas 15:01 2025-05-09 UTC+2

Forecast for EUR/USD on May 9, 2025

On Thursday, the EUR/USD pair rebounded from the 76.4% Fibonacci corrective level at 1.1338, turned in favor of the U.S. dollar, and fell below the support zone of 1.1240–1.1265

Samir Klishi 11:24 2025-05-09 UTC+2
Can't speak right now?
Ask your question in the chat.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.