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30.05.202307:57 Forex Analysis & Reviews: Trading plan for EURUSD on May 30, 2023

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Technical outlook:

EURUSD dropped to the 1.0684 low intraday on Tuesday breaking its interim support around the 1.0700-10 area. The single currency pair is still trading close to 1.0695 as the bulls prepare for a pullback rally. Immediate price resistance is seen at 1.0725 and a break higher will be the first confirmation of a potential bottom in place.

EURUSD has been carving a complete corrective wave since the 1.1035 highs earlier. The expanded flat correction is expected to bottom around 1.0500, which is also close to the Fibonacci 0.382 retracement as seen on the daily chart. It remains to be seen if prices drop directly towards 1.0500 or resume after a pullback rally.

EURUSD has also taken out interim support at about 1.0710 over the last week. A high probability remains for the bulls to produce a pullback corrective rally from here and push the price towards the 1.0850-70 area. On the flip side, a consistent drag lower below 1.0680 will open the door towards the 1.0500 lows going forward.

Trading idea:

A potential drop to continue towards 1.0500

Good luck!

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