Forex FOREX PRO WEEKLY, JULY 24 - 28, 2023

Morning everybody,

So, it was tough session yesterday, statistics totally crashed markets and we have to start right from the scratch again. As on EUR as on Gold our trades finished at breakeven due to collapse, but maybe you were able to catch some profit. Positions just missed 1-2 hours to reach the targets, especially EUR, but statistics have been released earlier. So, pullback scenario is over and downside reaction on weekly resistance area continues.

Today market is at oversold, so, it makes no sense to sell right now, especially before the weekend. We do not have any bullish patterns here, so we do not consider long entry as well.

On 4H chart we see strong acceleration down, and probably could consider AB-CD pattern with 1.09 target that agrees with daily 1.0880 5/8 Fib support level:

On 1H chart you could see how our upward trade was finished - entry was at "C" point but market barely has not reached the XOP. Now it stands at trendline support. So, scalp traders theoretically could think about minor bounce to 1.1025-1.1030 area if some pattern will be formed, say, reverse H&S. But this setup has no relation to our major trading plan. We're waiting: