20.02.202307:09 Forex Analysis & Reviews: Trading plan for EURUSD on February 20, 2023

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Technical outlook:

EURUSD dropped close to 1.0600 on Friday before bouncing back sharply. The single currency pair is seen to be trading near 1.0690 at this point in writing and is looking poised to break above the 1.0720 initial resistance in the near term. The pullback has the potential to rally up to 1.0800 and 1.0900 levels in the next few trading sessions.

EURUSD is working on a corrective drop towards 1.0500 and potentially 1.0100 after having carved a meaningful top at 1.1025 earlier. Within the correction, it looks like the first wave might have been complete at the 1.0600 lows last week. If the above-proposed structure is correct, the euro could rally towards 1.0850-900 levels before reversing lower.

On the flip side, prices might continue dragging lower from here and target below 1.0500 to take out initial support. We can expect a pullback rally thereafter as the second wave unfolds towards 1.0800. The bears will be inclined to drag lower towards 1.0100 as the final leg begins to unfold. Also, note that 1.0100 is the Fibonacci 0.618 retracement of the entire rally between 0.9535 and 1.1025 respectively.

Trading idea:

Potential bearish continuation against 1.1025

Good luck!

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