27.01.202208:45 Forex Analysis & Reviews: Trading plan for EURUSD for January 27, 2022

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Technical outlook:

EURUSD has reacted to the Fed Meeting held on Wednesday and eased off a bit below 1.1250 mark. Importantly, we have been calling for a potential test of 1.1250 zone before the currency finds bids again. The single currency is trading around 1.1220 level at the time of writing and is expected to resume higher soon.

The wave structure since 1.1186 low still remains constructive for bulls as they prepare to stage an impressive rally towards 1.1650 and up to 1.1900 levels going forward. The upswing between 1.1186 and 1.1486 has been retraced to its fibonacci 0.786 mark as of writing. If bulls manage to hold above the critical support at 1.1186, EURUSD will resume higher from here.

The overall structure since 1.0636 lows also remains constructive for bulls as prices have dropped through the Fibonacci 0.618 support around 1.1186 mark. High probability remains for a bullish reversal from current price (1.1220) levels.

Trading plan:

Potential rally toward 1.1650 against 1.1150

Good luck!

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