09.02.202305:46 Forex Analysis & Reviews: Trading plan for EURUSD on February 09, 2023

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Technical outlook:

EURUSD slipped through 1.0709 late on Wednesday before finding interim support. The single currency pair is seen to be trading close to 1.0730 at this point in writing as it continues to drift within a 90-pip range before breaking out. The bears are still left with some more room to drag towards 1.0540 at least. Ideally, they are aiming to break below the initial support at 1.0481.

EURUSD has completed its higher-degree rally between 0.9535 and 1.1020-25 as seen on the daily chart presented here. The instrument is expected to produce a meaningful corrective decline towards 1.0480 and up to 1.0100-20 levels in the next few weeks. Once complete, the bulls might be back in control pushing prices above the 1.1020-25 area.

EURUSD is now on the way to completing its first bearish wave, which started from the 1.1020-25 zone earlier. It is expected to terminate just below the 1.0500 handle, taking out support at 1.0481 before producing a pullback rally. The third wave lower is then expected to terminate close to the 1.0100-20 area, which is the Fibonacci 0.618 retracement of the earlier rally.

Trading idea:

Potential bearish move against 1.0100-20

Good luck!

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