Euro/Dollar forecast for today: EURUSD analysis 05.08.2022

The EURUSD was corrected up yesterday and tested the Intermediary Zone 1.0239 – 1.0228. The Intermediary Zone is the border of the short-term downtrend. The IZ is being held down now. If the price goes down below level 1.0228, it will be relevant to enter short trades with a target at the low of August 3.

If the price breaks out the Intermediary Zone and consolidates above at the US trading session, the trend will turn up. If so, one could enter purchases starting from Monday with a target in the upper Target Zone.

EURUSD trading ideas for today:

Sell according to the pattern in Intermediary Zone 1.0239 – 1.0228.
TakeProfit: 1.0124.
StopLoss: according to the pattern rules.

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