Euro/Dollar forecast for today: EURUSD analysis 11.08.2022

Yesterday, the short-term euro trend reversed up. As a result, the upper Target Zone 1.0355 – 1.0334 was immediately reached. The TZ was held, so after reaching it, a downward correction began. Now the price is trading within this correction.

The probable target of the decline is a test of the Intermediary Zone 1.0262 – 1.0252, which serves as the new trend’s key support. After the IZ test, consider purchases according to the pattern with a target at yesterday’s high.

If the Intermediary Zone is broken out downside and the price closes lower in the American session, the trend will again reverse down. In this case, from the next trading day, consider euro sales with the target in the lower Target Zone 1.0156 – 1.0135.

EURUSD trading ideas for today:

Buy according to the pattern in Intermediary Zone 1.0262 – 1.0252.

TakeProfit: 1.0367.

StopLoss: according to the pattern rules.

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