03.10.202211:32 Forex Analysis & Reviews: Trading plan for EURUSD on October 03, 2022

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Technical outlook:

EURUSD rallied through the 0.9850-55 zone last Friday before finding resistance and pulling back. The single currency pair produced a Doji candlestick pattern on the daily chart, indicating a pullback ahead. Potential support is now seen at the 0.9650-60 zone, which is good for the bulls to come back into control. Ideally, prices should stay above the 0.9535 interim support.

EURUSD is preparing to unfold its much-awaited counter-trend rally towards 1.0600-1.0700, which is also the Fibonacci 0.382 retracement of the entire drop between 1.2350 and 0.9535. The currency pair has hit a larger-degree Fibonacci extension just below the 0.9600 mark as seen on the daily chart and hence, the probability remains high for a pullback rally.

EURUSD has now carved its lower-degree upswing between 0.9535 and 0.9853 as seen on the chart here. The Fibonacci 0.618 retracement of the above rally is seen at the 0.9640-50 zone, which could be seen as the next potential support. If the above scenario holds well, prices will stay above 0.9535 and push through 1.0350 at least in the next few weeks.

Trading plan:

Potential rally through 1.0350 against 0.9500

Good luck!

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