Today’s forecast for the EURUSD: EURUSD analysis 08.05.2023

The euro is trading up in the short term with a target in the Gold Zone 1.1147 – 1.1137. Last week, the price corrected to support (А) 1.0985 – 1.0975, which was retained. So, quotes grew on Friday.

Today, the growth continues, and traders attempt to steady above 5 May’s high. If they succeed, we’ll have a pattern to buy, and we’ll be able to open a long position with a target at 4 May’s high. If they fail, the price can be expected to drop and update 5 May’s low.

In the latter case, the price can correct to support (В) 1.0932 – 1.0916. Once support (B) is tested, we’ll search for an opportunity to buy as well.

Trading plan for EURUSD for today:

  1. Buy according to the pattern from support (А) 1.0985 – 1.0975.
    TakeProfit: 1.1090.
    StopLoss: according to pattern rules.
  2. Buy according to the pattern from support (В) 1.0932 – 1.0916.
    TakeProfit: 1.1090.
    StopLoss: according to pattern rules.

Myanfx-edu does not provide tax, investment or financial services and advice. The information is being presented without consideration of the investment objectives, risk tolerance, or financial circumstances of any specific investor and might not be suitable for all investors.

Go to Register with LiteForex Platform

Financial Trading is not suitable for all investors & involved Risky. If you through with this link and trade we may earn some commission

Want to Trade Online?

Easy Trading Platform

Copy Experienced Traders

Trade from Your Pocket

Trade with Liteforex

CFD Trading on financial markets carries risks. Before deciding to trade, you need to ensure that you understand the risks involved.