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07.11.202308:06 Forex Analysis & Reviews: Trading plan for EUR/USD for November 07, 2023

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Technical outlook:

EUR/USD rallied through the 1.0755-60 zone on Monday as expected before pulling back lower. The currency pair might find support around the 1.0700-10 zone or the 1.0670-80 range intraday and resume higher thereafter. Ideally, bulls should be looking to print at least one more high above the 1.0760 mark before producing a meaningful pullback.

EUR/USD has been unfolding a larger degree corrective rally since printing lows around 1.0450. The above rally could be into its final leg higher or prepare for a deeper rally through the 1.0900-30 range. Prices need to stay above 1.0510 to keep the bullish momentum going. Also note that the 1.0900-30 range is fibonacci 0.618 retracement of the above down swing bettween 1.1275 and 1.0450.

EUR/USD's 1H RSI is seen to be stalling around the 38-40 mark (not displayed here), which could be an indication of yet another shallow high above the 1.0760 mark. Aggressive traders might be preparing to initiate fresh short positions just around the 1.0760 mark. Only a continued drop towards 1.0620 from here will delay matters further.

Trading plan:

Potential rally above 1.0760 before pulling back lower again.

Good luck!

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