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07.04.202112:03 Forex Analysis & Reviews: Trading plan for EURUSD for April 07, 2021

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Technical outlook:

EURUSD has rallied swiftly as projected and discussed in the past few trading sessions. Bulls were successful in registering intraday highs close to 1.1890 mark as of today. With the FOMC minutes meeting scheduled at 02:00 PM EST, traders might be expecting some price action. We stick to the wave structure for the next potential move as EURO approaches resistance around 1.1890/1.1900 handle.

EURUSD is trading near day's highs around 1.1880/81 mark at this point of writing and bears might be poised to come back into action very soon. Immediate price resistance is seen towards 1.1985, followed by 1.2242 and higher, while support remains around 1.1700 levels respectively. The wave structure reveals that EURUSD might have either completed its corrective rally since 1.1704 lows or just first wave of a deeper correction.

Either way, EURUSD might be facing resistance around 1.1890/1.1900 zone as it is the fibonacci 0.382 retracement of the recent drop between 1.2242 and 1.1700 levels. High probability remains for at least a corrective drop towards 1.1750/70 zone, before the next leg could resume higher towards 1.2050 levels going further.

Trading plan:

Remain short, stop @ 1.2350, target @ 1.1600

Good luck!

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