02.08.202413:49 Forex Analysis & Reviews: Trading Signals for EUR/USD for August 2-5, 2024: buy if breaks 1.0830 (21 SMA - 200 EMA)

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Early in the American session, the euro is trading around 1.0828 within the bearish trend channel forming since July 17. The instrument is going to reach the top of the bearish channel and the 200 EMA, an area of strong resistance.

The EUR/USD pair opened the European session with a strong technical rebound and is currently challenging the strong resistance zone located around 1.0825.

If the euro breaks sharply the bearish trend channel and consolidates above the 200 EMA (1.0830) in the next few hours, it could be seen as an opportunity to buy.

If the euro breaks 1.0828, it will be seen as an opportunity to buy with targets at 1.0864 (6/8 Murray) and 1.0925 (7/8 Murray).

If the US NFP data indicates robust employment, we could expect a drop of the euro below 1.0830 which could be seen as a signal to sell. EUR/USD could reach 1.0775 and even the bottom of the downtrend channel around 1.0762.

The Eagle indicator is showing a positive signal, but we should wait for a confirmation above 1.0830 so that we can look for buying opportunities.

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