FX.co ★ Trading plan for EURUSD for August 01, 2023

Technical outlook:

EUR/USD dropped through the 1.0980 lows during the early Asian session on Tuesday before finding some bids coming. The single currency pair is seen to be trading close to 1.1000 at this point in writing as the bulls prepare to come back in control. The projected upside targets are 1.1140 and 1.1240 in the near term. The instrument is looking higher from here.

EUR/USD had earlier rallied between 0.9535 and 1.1035 carving a larger-degree upswing. The above was then followed by a corrective wave, which unfolded as a triangle and terminated at 1.0830. Since then, the bulls are working to carve another larger-degree upswing as the previous one, which could target 1.1500 levels.

EUR/USD has further carved a lower-degree upswing between 1.0830 and 1.1275, which has been retraced to the Fibonacci 0.618 levels around 1.0980. Immediate price support is seen around 1.0830 and the bullish scenario would prevail until prices stay higher. Only a consistent break would alter the direction.

Trading idea:

A potential rally towards 1.1275 to resume soon against 1.0830

Good luck!