empty
InstaForex Loprais Team - Official participant of the Dakar rally
InstaForex Loprais Team - Official participant of the Dakar rally
This section is designed for those who are just starting their trading journey. InstaForex educational and analytical materials will meet your training needs. Our experts' recommendations will make your first steps to trading success simple and clear.
Start as Beginner
How to start trading
Useful information
Training and recordings
InstaForex innovative services are an essential element of productive investment. We strive to provide our clients with advanced technical capabilities and make their trading routine comfortable as we are recognized as the best broker in this regard.
Become Investor
PAMM System
ForexCopy System
Passive investments
Partnership with InstaForex is beneficial and top-tier. Join our affiliate programs and enjoy bonuses, partner rewards, and the possibility to travel with the team of the world-renowned brand.
Become Partner
Main Page
Partner Area
Advantages for Affiliates
Registration
This section contains the most lucrative offers from InstaForex. Receive bonuses when topping up an account, compete with other traders, and get real prizes even when trading in a demo account.
All Promo Campaigns
Bonuses
Contests
Events
Holidays with InstaForex are not only pleasant but also useful. We offer a one-stop portal, numerous forums, and corporate blogs, where traders can exchange experiences and become successfully integrated into the Forex community.
Full details
Forums
We are in social networks
Forex humour
Forex Portal
InstaForex is an international brand created in 2007. The company provides services for online FX trading and is recognized as one of the world's leading brokers. We have won the trust of more than 7,000,000 retail traders, who have already appreciated our reliability and focus on innovations.
Learn More
History
Why Choose Us
InstaSport
Regulation
Company News
Awards
InstaForex Stars
InstaForex Offline
Headquarters
Key documents
Social Responsibility
07.05.2024 12:36 PM
EUR/USD. May 7th. The bulls are running out of strength
Open trading account Open demo account

The EUR/USD pair on Monday retraced to the resistance zone of 1.0785–1.0797, which is part of the larger resistance zone of 1.0764–1.0806. A bounce of quotes from this zone will favor the American currency and lead to a new decline towards the corrective level of 100.0% (1.0696). The ascending trend channel continues to characterize traders' sentiment as "bullish." The consolidation of the pair's rate above the level of 1.0806 will increase the likelihood of further growth towards the next Fibonacci level of 50.0%–1.0840.

This image is no longer relevant

The wave situation remains unchanged. The last downward wave failed to reach the low of the previous wave, while the new upward wave had already broken the peak of the previous wave. Thus, a "bullish" trend has formed, but its prospects personally raise doubts for me. Over the past 2-3 weeks, the information background has supported bull traders, but will it continue to do so? This is a big question, as the economy of the European Union is not in the best shape, and the ECB is ready to start easing monetary policy much earlier than the Fed, already having a much lower interest rate.

The information background on Monday was weak, and on Tuesday, it was even weaker. Neither yesterday nor today have we seen any attractive movements. Yesterday, it became known that the business activity index in the EU services sector was slightly above expectations – 53.3. Today, the retail trade report will be released. However, neither of these reports is paramount for traders, so it is quite difficult to expect further growth in the euro today. I believe that after the formation of another upward wave, a downward wave should begin, which allows for the current trend channel and the nature of movement. The bulls will find it difficult to break through the zone of 1.0764–1.0806 on the first attempt. I expect the euro to decline this week.

This image is no longer relevant

On the 4-hour chart, the pair has executed a reversal in favor of the European currency and continues the upward process towards the upper line of the "wedge." A bounce of quotes from this line will favour the US dollar and some decline towards the corrective level of 23.6%–1.0644. Consolidation of quotes above the "wedge" will increase the likelihood of further growth towards the next Fibonacci level of 50.0%–1.0862. There are no imminent divergences today.

Commitments of Traders (COT) report:

This image is no longer relevant

During the last reporting week, speculators closed 111 long contracts and 3323 short contracts. The sentiment of the "non-commercial" group has shifted to "bearish" and is overall rapidly strengthening. The total number of long contracts held by speculators now stands at 167,000, while short contracts amount to 173,000. The situation will continue to favor bears. In the second column, we see that the number of short positions has increased from 92,000 to 173,000 over the past three months. During the same period, the number of long positions decreased from 211,000 to 167,000. Bulls have dominated the market for too long, and now they need a strong information background to resume the "bullish" trend. Several poor reports from the US have supported the euro, but in the long run, more is needed.

News Calendar for the US and the European Union:

EU – Change in Retail Trade Volume (09:00 UTC).

On May 7th, the economic events calendar contains only one entry. The impact of the information background on traders' sentiment for the rest of the day will be very weak.

Forecast for EUR/USD and trader advice:

Sales of the pair are possible today upon consolidation below the level of 1.0764 on the hourly chart with a target of 1.0696. I would only consider buying the euro once the pair consolidates above the level of 1.0806 on the hourly chart, with targets at 1.0840 and 1.0874.

Samir Klishi,
Analytical expert of InstaForex
© 2007-2025
Select timeframe
5
min
15
min
30
min
1
hour
4
hours
1
day
1
week
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
All Analytics
Technical analysis
Technical Analysis for the Week of June 23–28: GBP/USD Currency Pair Last week, the pair moved downward and tested the 14.6% pullback level at 1.3392 (red dashed line), after which the price rebounded and closed the weekly candle at 1.3446
Stefan Doll
11:38 2025-06-23 +02:00
1450
Technical analysis
Technical Analysis for the Week of June 23–28: EUR/USD Currency Pair Last week, the pair moved downward and tested the 76.4% pullback level at 1.1452 (red dashed line), after which the price rebounded and closed the weekly candle at 1.1520
Stefan Doll
11:31 2025-06-23 +02:00
1450
Breaking Forecast Trading Plan Cryptocurrencies USD/RUB Russian Economy Video Analysis
Trading Instruments
EURUSD GBPUSD USDCHF USDCAD USDJPY AUDUSD EURGBP EURJPY NZDUSD EURNZD Silver Gold #CL #USDX COVID-19 Bitcoin
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST

Recommended Stories

Technical Analysis for the Week of June 23–28: GBP/USD Currency Pair

Last week, the pair moved downward and tested the 14.6% pullback level at 1.3392 (red dashed line), after which the price rebounded and closed the weekly candle at 1.3446
Stefan Doll 11:38 2025-06-23 UTC+2

Technical Analysis for the Week of June 23–28: EUR/USD Currency Pair

Last week, the pair moved downward and tested the 76.4% pullback level at 1.1452 (red dashed line), after which the price rebounded and closed the weekly candle at 1.1520
Stefan Doll 11:31 2025-06-23 UTC+2

Forecast for EUR/USD on June 23, 2025

On Friday, the EUR/USD pair continued to rise after rebounding from the 76.4% corrective level at 1.1454. However, on Monday night, the pair returned to this level. A new rebound
Samir Klishi 11:24 2025-06-23 UTC+2

Forecast for GBP/USD on June 23, 2025

On the hourly chart, the GBP/USD pair on Friday consolidated below the support zone of 1.3425–1.3444, once again allowing for the expectation of a continued decline toward the support level
Samir Klishi 11:19 2025-06-23 UTC+2

Technical Analysis of Daily Price Movement of USD/IDR Exotic Currency Pairs, Monday June 23, 2025.

16473.27 Currently on the Daily chart, the Exotic USD/IDR currency pair has a Bullish 123 pattern which indicates that USD/IDR is currently strengthening, where this is also confirmed
Arief Makmur 07:29 2025-06-23 UTC+2

Technical Analysis of Intraday Price Movement of Crude Oil Commodity Instrument, Monday June 23, 2025.

In addition to the appearance of Divergence between the price movement of Crude Oil and the Stochastic Oscillator indicator on the 4-hour chart, there is also a Bearish 123 pattern
Arief Makmur 07:29 2025-06-23 UTC+2

EUR/USD Forecast for June 23, 2025

A bearish divergence has formed on the weekly chart for the euro. We are preparing for a reversal into a long-term downward trend, but divergences with a gap often unfold
Laurie Bailey 05:00 2025-06-23 UTC+2

GBP/USD Forecast for June 23, 2025

The British pound opened the new week with a downward gap, which still preserves bullish optimism. There remains potential for the price to return above the resistance level at 1.3433
Laurie Bailey 04:56 2025-06-23 UTC+2

Oil Forecast for June 23, 2025

On the weekly chart, the signal line of the Marlin oscillator has begun to reverse from the 9.3600 level. Historically, this level has marked significant downward reversals—in April 2023, October
Laurie Bailey 04:56 2025-06-23 UTC+2

Forecast for EUR/USD on June 20, 2025

On Thursday, the EUR/USD pair declined to the 76.4% corrective level at 1.1454, bounced off it, and turned in favor of the euro. It is still too early to conclude
Samir Klishi 11:43 2025-06-20 UTC+2

Top analytics

Relevance up to 21:00 2025-06-23 UTC--5
EUR/USD Forecast for June 23, 2025
05:00 2025-06-23
Technical analysis
Relevance up to 19:00 2025-06-23 UTC--5
EUR/USD Overview – June 23: The U.S. Has Officially Entered the War Against Iran
03:50 2025-06-23
Fundamental analysis
Relevance up to 01:00 2025-06-24 UTC--5
GBP/USD: Simple Trading Tips for Beginner Traders on June 23. Analysis of Yesterday's Forex Trades
08:44 2025-06-23
Forecast
Relevance up to 01:00 2025-06-24 UTC--5
Intraday Strategies for Beginner Traders on June 23
08:34 2025-06-23
Forecast
Relevance up to 19:00 2025-06-23 UTC--5
Trading Recommendations and Analysis for EUR/USD on June 23: Euro Maintains Upward Trend
03:50 2025-06-23
Trading plan
Can't speak right now?
Ask your question in the chat.
Widget callback
Callback widget
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.