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

Trading Signals for EUR/USD for April 24-26, 2025: sell below 1.1435 (21 SMA - 7/8 Murray)

Early in the American session, the EUR/USD pair is trading around 1.1358 within the downtrend channel formed on April 18. The pair is under bearish pressure. We believe the instrument

Dimitrios Zappas 17:06 2025-04-24 UTC+2

Forex forecast 24/04/2025: EUR/USD, GBP/USD, SP500, 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 13:25 2025-04-24 UTC+2

GOLD. Gold Prices May Significantly Decline in the Near Future

Gold prices have recently seen a notable correction amid market expectations of the start of real negotiations between the U.S. and China on tariffs and overall trade. Treasury Secretary

Pati Gani 09:38 2025-04-24 UTC+2

Technical Analysis of Price Movement of Silver Commodity Instrument, Thursday April 24, 2025.

On the 4-hour chart, the Silver commodity instrument is visible even though its condition is strengthening where this is confirmed by the movement of the Silver price which is moving

Arief Makmur 06:18 2025-04-24 UTC+2

Technical Analysis of Price Movement of Nasdaq 100 Index, Thursday April 24, 2025.

Although on the 4-hour chart the Nasdaq 100 index is Sideways, the range is quite large so that there is still a fairly promising opportunity in the index. Currently

Arief Makmur 06:18 2025-04-24 UTC+2

Trading Signals for GOLD (XAU/USD) for April 23-25, 2025: sell below $3,333 (200 EMA - 6/8 Murray)

Our trading plan for the next few hours is to sell gold below $3,333, with targets at $3,313 and $3,291. We can buy above $3,280 with short-term targets at $3,437

Dimitrios Zappas 14:31 2025-04-23 UTC+2

Technical Analysis of Intraday Price Movement of AUD/JPY Cross Currency Pairs, Wednesday, April 23, 2025.

With the appearance of Divergence between the price movement of the AUD/JPY cross currency pair with the Stochastic Oscillator indicator and the price movement of AUD/JPY which is above

Arief Makmur 06:37 2025-04-23 UTC+2

Technical Analysis of Intraday Price Movement of Gold Commodity Instrument, Wednesday, April 23, 2025.

If we look at the 4-hour chart, the Gold commodity instrument appears to still be moving in a Bullish bias, but with the appearance of Divergence between the Gold price

Arief Makmur 06:37 2025-04-23 UTC+2

Forex forecast 22/04/2025: EUR/USD, GBP/USD, USD/JPY 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 10:08 2025-04-22 UTC+2

Technical Analysis of Intraday Price Movement of GBP/CHF Cross Currency Pairs, Tuesday April 22, 2025.

If we look at the 4-hour chart of the GBP/CHF cross currency pair, there are several interesting facts. First, the appearance of a Triangle pattern followed by the movement

Arief Makmur 06:58 2025-04-22 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.