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15.09.202213:02 Forex Analysis & Reviews: Trading plan for EURUSD on September 15, 2022

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Technical outlook:

EURUSD oscillated within a tight range between 0.9955 and 1.0023 on Tuesday and produced a Doji candlestick pattern on the daily chart as seen on the chart. Conditions now seem perfect for a new rally from current levels to produce a Morning Star bullish reversal pattern. A close through 1.0100 or higher would confirm that bulls are back in control.

EURUSD is looking to terminate the counter-trend rally towards the 1.0800-1.0900 range, which is also the Fibonacci 0.382 retracement of the earlier drop between 1.2350 and 09860. Prices are expected to resume lower thereafter and turn towards the 0.9400-0.9500 zone before completing the bearish wave structure. The larger-wave structure still remains an opportunity to sell on rallies.

EURUSD has found interim support just below the 1.0000 mark, which is the Fibonacci 0.618 retracement of the recent rally between 0.9860 and 1.0198. Until prices stay above 0.9860, a rally could unfold pushing prices toward the 1.0800-1.0900 area. The bulls are poised to produce the final leg higher before the price turns lower again.

Trading plan:

Potential rally towards 1.0800 against 0.9800

Good luck!

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