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13.10.202112:52 Forex Analysis & Reviews: Trading plan for EUR/USD for October 13, 2021

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Technical outlook:

EUR/USD had print the 1.1524 low on Tuesday before finding support again. Bulls came back in control. The currency pair climbed through the 1.1570 intraday highs at the time of writing and could continue rising higher. It seems thta the pair has carved a meaningful bottom just below the 1.1530.

EUR/USD is carving a bullish engulfing signal on the daily chart and in case of success, it would indicate a potential trend reversal towards 1.1950 at least. The single currency pair is seen to be trading around the 1.1560 mark at this point of writing and a push through 1.1575-80 will confirm a bottom and that bulls are back in control.

The immediate price resistance is seen around 1.1650, while interim support comes in at the 1.1500 levels. Traders might be biased on the long side since downside looks limited from here. Watch out for an intraday break above 1.1650 for acceleration higher.

Trading plan:

Potential rally toward 1.1950 against 1.1450.

Good luck!

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