06.10.202213:35 Forex Analysis & Reviews: Trading plan for EURUSD on October 06, 2022

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Technical outlook:

EURUSD slipped through 0.9834 after turning lower from 0.9999 on Wednesday. The single currency pair is seen to be trading close to 0.9885 at this point in writing and is looking to drag further towards 0.9714 before it finds support again. If bulls manage to hold prices above 0.9535, the next leg higher could resume thereafter.

EURUSD might have completed its first leg of a larger-degree corrective rally, which had begun from 0.9535 earlier. The second leg might terminate close to 0.9714 before the final rally could resume higher towards 1.0650 going forward. Also, note that the Fibonacci 0.382 retracement of the entire drop between 1.2350 and 0.9535 is seen at about 1.0600.

EURUSD almost produced an engulfing bearish candlestick pattern on the daily chart indicating a potential reversal against 1.0000 in the near term. The near-term support is seen close to 0.9700-20, which is the Fibonacci 0.618 retracement of the recent upswing between 0.9535 and 0.9999. The next leg higher would resume thereafter.

Trading idea:

Potential rally to resume from 0.9714 against 0.9500

Good luck!

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