EURUSD – Buyers’ surge is a hoax

08.08.2023

The final trading day of the previous week was marked by sharply increased activity. However, not those forces, which were expected based on the situation, became active. Instead of decreasing within the framework of descending impulse development, the price grew.

Most likely, this surge on the part of buyers is corrective and we will not see any continuation. The price will start to fall down slowly at first, then faster and eventually the expected impulsive decline will take place.

But caution in making decisions should still be observed. It is recommended to open sell trades at updating of the formed local minimum.

Recommendations: Sell 1.0910, SL 1.0940, TP 1.0650.