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17.10.202308:04 Forex Analysis & Reviews: Trading plan for EURUSD on October 17, 2023

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Technical outlook:

EUR/USD rallied through the 1.0550-55 range on Monday in line with projections. The single currency pair is pulling back a bit and is seen to be trading close to 1.0545 at this point in writing. Intraday resistance is now seen around the 1.0570-85 zone as a high probability remains for a turn lower thereafter. Only a consistent push above 1.0630 will encourage a rally further towards 1.0800.

EUR/USD turned lower from a trend line resistance passing through 1.0620-30 over the last week. If the bears remain in control and hold prices below 1.0620, we might witness further weakness towards 1.0200 and down to 1.0150 levels in the next few trading sessions. On the flip side, if the corrective wave unfolds higher, the bulls could push it through 1.0800 at least.

EUR/USD is poised to push higher towards 1.0585 during the day before producing a meaningful pullback. It remains to be seen if the instrument pulls back or reverses lower towards the larger trend. Also, note that the Fibonacci resistance begins from 1.0800 as projected here. The 1.0620-30 immediate resistance holds the key for the bulls to stay in control.

Trading idea:

Potential near-term resistance is seen around 1.0585. Flat for now.

Good luck!

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