FX.co ★ Trading plan for EURUSD for July 29, 2022

Technical outlook:

EURUSD rose to the 1.0220 highs intraday on Friday after finding interim support close to 1.0120 on Thursday. The single currency pair is seen to be trading close to 1.0210 at this point in writing. It is expected to push through 1.0800-1.0900 in the next few weeks. Bulls are looking poised to hold prices above the 0.9952 interim support in the near term.

EURUSD has carved a meaningful larger-degree downswing between 1.2350 and 0.9952 since January 2021 as seen on the daily chart. Since then, bulls are working on a counter-trend rally towards at least the 1.0800-1.0900 area which is also close to the Fibonacci 0.382 retracement of the above drop. Ideally, prices would stay above 0.9952 from here on.

EURUSD has been working upon its recent lower-degree upswing between 0.9952 and 1.0273 lately. Prices also dropped close to the Fibonacci 0.68 retracement at around 1.0075 on Thursday before bouncing back sharply. If the suggested scenario holds well, the bulls will remain in control and push the price towards 1.0800-1.0900 going forward.

Trading plan:

Potential rally towards 1.0800 against 0.9950

Good luck!