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Forex Analysis & Reviews: 07/01/2022

Relevance up to 04:00 2022-07-29 UTC+00

Exchange Rates 01.07.2022 analysis

Technical outlook:

EURUSD dropped through the 1.0382 lows before reversing sharply on Thursday. The single currency pair is seen to be trading close to 1.0450 at this point in writing and is expected to find intraday support at around 1.0430-35 intraday on Friday. Bulls would be poised to resume higher towards 1.1055 at least as projected on the daily chart here.

EURUSD has been carving a larger degree corrective rally towards the 1.1055-1.1100 zone since May 2022 after printing lows at around 1.0350. the price is retracing after its earlier downswing between 1.2266 and 1.0350 and is expected to reach the Fibonacci 0.382 levels at least. If the above structure holds well, bulls will be back in control and push higher from here.

EURUSD has retraced its lower degree upswing between 1.0360 and 1.0615 and found support close to 1.0380. Bulls will be poised to remain in control and hold prices above 1.0380 going forward. A push through the 1.0615 interim high will accelerate the above rally as the third and final leg within the corrective phase in progress.

Trading plan:

Potential rally through 1.1100 against 1.0300

Good luck!

* The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Oscar Ton,
Analytical expert of InstaForex
© 2007-2022

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