Euro/Dollar forecast for today: EURUSD analysis  17.08.2022

The euro is trading in a short-term downtrend. Yesterday, the price reached another local low. Traders also tried to break out the Target Zone 1.0156 – 1.0135, but the first attempt was unsuccessful. As a result, the price corrected in the Additional Zone 1.0180 – 1.0175.

The Additional Zone serves as a strong resistance level, in which it is possible to search for sales according to the pattern with a target at yesterday’s low. If the AZ is broken out upside during the trading session, the correction will continue up to the Intermediary Zone 1.0239 – 1.0228.

EURUSD trading ideas for today:

  1. Sell according to the pattern in Additional Zone 1.0180 – 1.0175.
    TakeProfit: 1.0124.
    StopLoss: according to the pattern rules.
  2. 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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