EUR/USD Trading Analysis (06/08/2025)
The trend is descending. The currency pair is trading within the range of 365 and 135 EMAs. A truncated wave structure is forming around the significant level of 1.1600. There is bearish divergence on the Awesome Oscillator and the Stochastic Oscillator indicates an overbought condition.
Trade idea:
- Sell when the descending wave structure begins forming, when wave A breaches the sloping channel of the ascending wave structure.
- Stop-loss at 1.1600 is above the local maximum of the ascending truncated wave structure.
- Price targets are 1.1530 and 1.1420.
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