05.08.202411:11 Forex Analysis & Reviews: EUR/USD outlook

Relevancia 05:00 UTC--4

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The general trend is bearish, but currently, it is in a sideways zone on the upper time frame. This sideways will not last long because, after the sideways, there will be an expansion in the market, whether to collect orders or to continue the main push.

Monthly chart

There is a down structure on the monthly timeframe, and it has not been able to cross the 50% Fibonacci retracement. This indicates a weakness in buy because They were unable to push the price further to cross the peak high, and currently, the bears are in control. The decline will continue from the current levels after a SOL occurs in the sideways direction.

Points of interest (POI)

You can enter sell from 1.08586, or join with the Rejection block at 1.08660 when it tries to re-test this area again.

Entry Level: 1. 08660

Stop loss: 1.09640 (above the daily ob)

Take profit: after 50 pip, close half lot and put the Stop loss at the entry zone.

Economic events

Two of the most important economic events that can change the entire analysis are as follows:

Funds Rate

The interest rate is expected to be the same (5.50%), leading to a rise in the EURUSD, but this does not negate this analysis. The pair will fall, and the moment the news is released, it might rise some pips, aiming to Sweep the liquidity and then continue the main down move.

(NFP) Non-Farm Employment

Suppose the expected result for NFP is less than the previous result, which means there is a weakness in the USD, which leads to a rise in the pair. However, if the result is better than expected, this is a powerful signal for a downturn.

If there is a bullish movement, we might see a change in the main path to break the peak in the Daily.

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