Euro/Dollar forecast for today: EURUSD analysis 07.02.2022

After reaching the Target Zone 2 1.1491 – 1.1473, the euro price corrected and broke out the Additional Zone 1.1439 – 1.1435. After the AZ breakout on Friday, the price rose and tested the new resistance zone of 1.1460 – 1.1455. The price didn’t break out the resistance. Now the correction continues to develop with the first target at Friday’s low and with the second target in the Intermediary Zone 1.1395 – 1.1386.

The IZ serves as the border of the short-term uptrend. After its test, look for new purchases according to the pattern with the target at Friday’s high.

EURUSD trading ideas for today:

  1. Sell in Additional Zone 1.1460 – 1.1455.

    TakeProfit: 1.1412.

    StopLoss: 1.1478.
  2. Buy according to the pattern in Intermediary Zone 1.1395 – 1.1386.

    TakeProfit: 1.1482.

    StopLoss: according to the pattern rules.

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