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08.11.202307:43 Forex Analysis & Reviews: Trading plan for EUR/USD for November 08, 2023

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Technical outlook:

EUR/USD is pulling back after hitting the 1.0755-60 potential resistance defined earlier. The single currency pair found initial support around the 1.0680 mark as projected and we can expect an intraday bounce towards 1.0725 at least before bears are back in control. Also, note that 1.0680 is the Fibonacci 0.382 retracement of the recent upswing between 1.0510 and 1.0755-60 levels as projected on the chart.

EUR/USD has been unfolding a larger degree corrective rally since the 1.0450 lows printed on October 04, 2023. The currency pair hit its initial Fibonacci targets at the 1.0755-60 range early this week. Bears are potentially unfolding a Gartley corrective wave, which could be completed around the 1.0630 mark by next week.

Bulls of the euro would be poised to come back in control thereafter (from 1.0630) and push through the next Fibonacci extensions seen towards 1.0825 and potentially up to the 1.0900 mark. Also, note that 1.0900-30 is the Fibonacci 0.618 retracement of the entire drop between 1.1275 and 1.0450 respectively. High probability remains for a bearish reversal thereafter.

Trading plan:

Potential rally through 1.0830 against 1.0400

Good luck!

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