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07.10.202212:19 Forex Analysis & Reviews: Trading plan for EURUSD on October 07, 2022

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Technical outlook:

EURUSD dropped through 0.9765 intraday on Friday before finding interim support. The single currency pair has pulled back above the 0.9800 handle by this point in writing but it could drop to 0.9714 before resuming its rally towards 1.0600 at least. The bulls need to hold prices above 0.9535 to keep the momentum intact.

EURUSD is unfolding a larger-degree counter-trend rally since dropping to 0.9535 last week. Prices are likely to hit 1.0600 and 1.0750 in the next sessions. Also, note that 1.0600 is the Fibonacci 0.382 retracement of the entire drop between 1.2350 and 0.9535 as seen on the daily chart.

EURUSD is carving the corrective phase after hitting 0.9999 earlier this week. As a result, the price is expected to reach up to the 0.9700-10 area. Please note that the Fibonacci 0.618 retracement of the recent upswing between 0.9535 and 0.9999 is seen through the 0.9700-14 levels as highlighted on the chart here. The final leg is expected to reach 1.0600 thereafter.

Trading plan:

Potential rally through 1.0600 against 0.9500

Good luck!

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