EURUSD Weekly Forecast 3rd - 7th August
EURUSD has formed a second wave of uptrend, similar in volume to the previous wave, and has found resistance at a significant supply zone this week.
As bearish as USD is right now, it is about time for a pullback / correction, thus we should wait for a consolidation pattern or a retest of previous low before continuing to buy EURUSD.
This week, we should see EURUSD range for a few days, similarly to the previous consolidation, before breaking current high.
Look to buy EURUSD again once a support pattern has formed, or conversely, we could look for intraday EURUSD short trades. That would however be risky considering how bearish USD is right now.
As bearish as USD is right now, it is about time for a pullback / correction, thus we should wait for a consolidation pattern or a retest of previous low before continuing to buy EURUSD.
This week, we should see EURUSD range for a few days, similarly to the previous consolidation, before breaking current high.
Look to buy EURUSD again once a support pattern has formed, or conversely, we could look for intraday EURUSD short trades. That would however be risky considering how bearish USD is right now.
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