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25.10.202307:44 Forex Analysis & Reviews: Trading plan for EURUSD on October 25, 2023

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Technical outlook:

EUR/USD corrected lower through 1.0582 on Tuesday, testing the potential Fibonacci 0.618 retracement and support of the recent upswing between 1.0480 and 1.0694. A bullish bounce is expected from here and push through 1.0750 in the next few trading sessions. The bears might come back in control thereafter.

EUR/USD is unfolding a larger-degree counter-trend rally since dropping to the 1.0450 lows early this month. The corrective wave might be unfolding as a flat or triple zigzag and could reach up to 1.0750 at least. Alternatively, the recent upswing could be the potential leading diagonal of a much larger rally which could extend through 1.0900.

EUR/USD price action in the past 24 hours has dragged the RSI towards 40 as seen on the 4H chart here. This also indicates that EUR/USD might print yet another high through 1.0750 in the next few trading sessions. The bears would be inclined to come back in control thereafter. Traders should be watchful for yet another rally from the 1.0582 lows.

Trading idea:

EUR/USD is likely to reach 1.0750 in the near term.

Good luck!

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