14.09.202307:46 Forex Analysis & Reviews: Trading plan for EURUSD for September 14, 2023

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Technical outlook:

EUR/USD is trading within a tight range of 50 pips between 1.0700 and 1.0750 levels for the last 3-4 trading sessions. The single currency pair is seen to be trading close to 1.0750 at this point in writing and the bears might be looking to drag the price through the 1.0630-40 zone in the near term. Also, note that 1.0830 is immediate price support as seen on the 4H chart here.

EUR/USD is potentially unfolding the last leg of the first corrective wave, which began from the 1.1275 highs. Once the instrument halts close to 1.0630, a corrective rally could be seen towards 1.1000 levels as the second wave of the entire corrective drop. Finally, a third wave lower should ideally terminate below 1.0200 to complete the corrective phase.

EUR/USD is facing immediate price resistance around 1.0807, which is followed by 1.0950 respectively. Till the time prices stay below 1.0950, we can expect yet another low towards 1.0630. Also, note that 1.0630 is the Fibonacci 0.382 retracement of the larger-degree rally between 0.9535 and 1.1035 respectively.

Trading idea:

A potential drop to 1.0635 still remains possible before pushing higher.

Good luck!

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