27.10.202112:32 Forex Analysis & Reviews: Trading plan for EURUSD for October 27, 2021

Technical outlook:

EURUSD has slipped lower toward 1.1585 mark as of writing before finding some support. The single currency is seen to be trading around 1.1590 at the time of writing and is looking to turn higher. If bulls manage to hold prices above 1.1524 levels, the next leg could reach 1.1750 and 1.1850 in the next few trading sessions.

Also note that the Fibonacci 0.618 retracement of recent upswing between 1.1524 and 1.1670 is seen passing through 1.1585 (not shown on the daily chart here). High probability remains for a bullish turn from here and potential remains through 1.1950 going forward. A push above 1.1670 will accelerate higher and target 1.1750 resistance in the immediate future.

The overall structure remains constructive for bulls as EURUSD seem to have completed its corrective decline, which began from 1.2350 high since January 6. Only a break below 1.1524 will bring back bears in control and could test 1.1480-1.1500 zone before resuming higher again. High probability remains for a push through 1.1950-1.2000 zone in the next few weeks.

Trading plan:

Potential remains for a push through 1.1950 against 1.1450

Good luck!