Euro/Dollar forecast for today: EURUSD analysis 16.08.2022

Yesterday, the euro fell and reached the lower Target Zone 1.0156 – 1.0135. The short-term trend reversed down. If traders manage to break out the Target Zone and consolidate the price lower, the next target for sales will be the Gold Zone 1.0050 – 1.0040. Otherwise, expect a correction in the Additional Zone 1.0205 – 1.0200.

The AZ serves as a strong resistance level. After the price reaches it, consider new sales according to the pattern with a target at today’s low.

If the Additional Zone is broken out, the correction will continue in the Intermediary Zone 1.0264 – 1.0253. The IZ serves as the trend’s border, where it is also possible to enter sales.

EURUSD trading ideas for today:

  1. Sell according to the pattern in Additional Zone 1.0205 – 1.0200.
    TakeProfit: 1.0150.
    StopLoss: according to the pattern rules.
  2. Sell according to the pattern in Intermediary Zone 1.0264 – 1.0253.
    TakeProfit: 1.0150.
    StopLoss: according to the pattern rules.

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