empty
 
 

05.08.202218:07 Forex Analysis & Reviews: EUR/USD to exit its range soon?

The EUR/USD pair was trading in the red at 1.0155 on the H1 chart at the time of writing. Technically, the price is still trapped within a narrow range. As you already know from my analyses, only a valid breakout from this pattern could bring trading opportunities.

Fundamentally, the Eurozone economic data came in mixed today. On the other hand, the US economic figures came in better than expected, that's why the EUR/USD pair crashed. The NFP was reported at 528K above 250K expected, the Unemployment Rate dropped from 3.6% to 3.5%, while the Average Hourly Earnings rose by 0.5% exceeding the 0.3% growth forecasted.

EUR/USD Extended Range!

Exchange Rates 05.08.2022 analysis

EUR/USD failed to reach and retest the 1.0269 signaling exhausted buyers. Now, it could approach and reach 1.0119. In the short term, we cannot exclude further sideways movement.

1.0269 and 1.0119 are seen as strong obstacles. Only a valid breakout through these levels could bring great trading opportunities.

EUR/USD Outlook!

Dropping, closing, and stabilizing below 1.0119 and below the 1.0100 psychological level may activate more declines and could bring new short opportunities with a potential downside target at 1.0000.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Ralph Shedler,
Analytical expert of InstaForex
© 2007-2022
Benefit from analysts’ recommendations right now
Top up trading account
Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.




  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • Ferrari from InstaForex
    Top up your account with at least $1,000
    join the contest and win Ferrari
    F8 Tributo
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and win $1,000
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS
Can't speak right now?
Ask your question in the chat.