22.06.202313:58 Forex Analysis & Reviews: Trading plan for EURUSD on June 22, 2023

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Technical outlook:

EURUSD yet again managed to rally and print an intraday high around 1.1010 on Thursday. The single currency pair is seen to be trading close to 1.0990 at this point in writing as the bears prepare to come back in control soon. The last wave higher has been accompanied by bearish divergence on lower-degree timeframes. Hence, the potential for a bearish reversal is high.

EURUSD is still carving a larger-degree corrective wave since February 2023 after hitting the 1.1035 high. It is either unfolding as a triangle or an expanded flat structure, which could drag prices lower towards 1.0700-50 at least and down to 1.0500 going forward. Once the corrective phase is complete, the bulls will be back in control and push the pair through 1.1200.

EURUSD has now managed to reach the Fibonacci 0.786 retracement of its recent downswing close to 1.1010 and is now easing off. A break below 1.0980 will be the first sign to confirm that a potential top is in place and the bears are back in control. If the above structure unfolds likewise, the currency pair will witness a roughly 400-pips drop in the next few weeks.

Trading idea:

A potential bearish wave towards 1.0700 to resume soon.

Good luck!

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