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04.10.202213:13 Forex Analysis & Reviews: Trading plan for EURUSD on October 04, 2022

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Technical outlook:

EURUSD has managed to rally roughly by 400 pips from its recent swing lows at 0.9535 carved on September 28. We have been calling for a counter-trend rally to materialize for the last few trading sessions and it is finally on its way towards the 1.0500-1.0600 levels. A short-term pullback should be supported around the 0.9650-60 zone before the next leg higher could resume.

EURUSD is looking to carve a larger-degree counter-trend rally towards 1.0600 which is the Fibonacci 0.382 retracement of the drop between 1.2350 and 0.9535. The initial resistance is seen at 1.0200, followed by 1.0365 which should be taken out in the next rally after a corrective low from here. The interim support stays at 0.9535 for now.

EURUSD seems to have carved its first leg higher between 0.9535 and the 0.9900-10 area in the past five trading sessions. A high probability remains for a pullback towards 0.9650 which is also the Fibonacci 0.618 retracement of the recent rally. The bulls will be poised to enter the market thereafter and push the price through 1.0200 and 1.0500 at least, if not higher.

Trading idea:

Potential rally towards 1.0500-1.0600 against 0.9500

Good luck!

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