For Traders

Analytical Reviews

Trading plan

03.02.202204:14 Forex Analysis & Reviews: Trading plan for EURUSD for February 03, 2022

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Technical outlook:

EURUSD has raised through 1.1335 mark since registering fresh swing lows at 1.1221 over last Friday. The single currency pair has rallied over 200 pips and is looking poised to continue further toward 1.1500 in the near term. Intraday pullbacks remain possible but they should remain well capped above 1.1221 levels.

EURUSD's drop toward 1.1221 was well accompanied by bullish divergence on the daily RSI as shown here. The potential trend reversal has worked out well in favor of bulls as they now target 1.1500 resistance on the daily chart. Intraday target remains through 1.1350-60 zone before prices pullback. Bulls are looking poised to take this rally through 1.1700 at least.

The overall wave structure also remains constructive for bulls as they had earlier carved a meaningful upswing between 1.0636 and 1.2350 levels. The subsequent drop to 1.1221 was corrective and found support just below the Fibonacci 0.618 retracement of the earlier upswing. Potential remains for a rally past 1.2350 in the next several weeks.

Trading plan:

Potential rally through 1.1500 against 1.1100

Good luck!

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.