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01.10.202111:08 Forex Analysis & Reviews: Trading plan for EURUSD for October 01, 2021

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Technical outlook:

EURUSD dropped to 1.1563 low on Thursday before finding support and it has managed to rally through 1.1591 intraday high as of writing. Also note that a major support was taken out around 1.1600-10 mark, which call for a potential pullback rally. The recent drop between 1.2266 and 1.1563 could be retraced, before bears are back in control.

EURUSD needs to break above 1.1600-10 initial resistance to confirm a meaningful bottom in place and that bulls are back in control. Potential remains for the counter trend rally to reach 1.2000 handle over the next few weeks. On the flip side, it is also possible that EURO has carved a meaningful bottom around 1.1563 and is preparing to rally above 1.2350.

The fiboncci 0.50 retracement of previous rally between 1.0636 and 1.2350 is seen around 1.1500, which could be the next in-line support. If prices continue to slip further we could see 1.1300 before bulls are back in control.

Trading plan:

Potential rally towards 1.2000 against 1.1500.

Good luck!

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