Chicago 12, Melborne City, USA

Forex Analysis & Reviews: 08/05/2022

Relevance up to 16:00 UTC+00

The EUR/USD pair was trading in the red at 1.0155 on the H1 chart at the time of writing. Technically, the price is still trapped within a narrow range. As you already know from my analyses, only a valid breakout from this pattern could bring trading opportunities.

Fundamentally, the Eurozone economic data came in mixed today. On the other hand, the US economic figures came in better than expected, that’s why the EUR/USD pair crashed. The NFP was reported at 528K above 250K expected, the Unemployment Rate dropped from 3.6% to 3.5%, while the Average Hourly Earnings rose by 0.5% exceeding the 0.3% growth forecast.

EUR/USD Extended Range!

EUR/USD failed to reach and retest the 1.0269 signaling exhausted buyers. Now, it could approach and reach 1.0119. In the short term, we cannot exclude further sideways movement.

1.0269 and 1.0119 are seen as strong obstacles. Only a valid breakout through these levels could bring great trading opportunities.

EUR/USD Outlook!

Dropping, closing, and stabilizing below 1.0119 and below the 1.0100 psychological level may activate more declines and could bring new short opportunities with a potential downside target at 1.0000.

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

Ralph Shedler,
Analytical expert of InstaForex
© 2007-2022

Benefit from analysts’ recommendations right now

Top up trading account

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.

My name is Lawrence. I am one of the most famous forex trading schools. The purpose of creating this project is not only to give working advice on the Forex market, but also to warn beginners from fraudulent projects. Here we publish reviews of all Forex training scam projects, and professionally train those who have just decided to enter this niche.

    Leave feedback about this

    • Quality
    • Price
    • Service


    Add Field


    Add Field
    Choose Image
    Choose Video