Euro/Dollar forecast for today: EURUSD analysis 08.08.2022

The short-term euro downtrend continues. Last week, traders failed to break out the Intermediary Zone 1.0239 – 1.0228, which serves as the trend’s border. As a result, the price declined on Friday and tried to update the August 3 low. It is likely that today the decline will continue and the August 3 low will be updated. The lower Target Zone 1.0081 – 1.0060 serves as the main sales target.

To enter the euro purchases and reverse the trend, traders need to break out the Intermediary Zone up and consolidate the price in the American session higher. In this case, the trend will reverse up. So consider long trades with the target in the upper Target Zone 1.0355 – 1.0334.

EURUSD trading ideas for today:

Sell according to the pattern in / hold sell trades entered in Intermediary Zone 1.0239 – 1.0228.

TakeProfit: 1.0124.

StopLoss: according to the pattern rules.

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