02.10.202308:06 Forex Analysis & Reviews: Trading plan for EURUSD on October 02, 2023

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Technical outlook:

EUR/USD has probably carved a low around 1.0490 last week. The single currency pair has rallied through 1.0620 before pulling back as it is trading close to 1.0560 at this point in writing. Intraday support comes in around the 1.0520-30 area as the bulls prepare for another round of rally towards 1.0800-10 at least.

EUR/USD finally carved a larger-degree downswing between 1.1275 and 1.0490 in the past several weeks. The high probability remains for a corrective rally towards 1.0800 at least and up to the 1.0950-70 area before turning lower again. Also, note that 1.0950-70 is the Fibonacci 0.618 retracement of the above downswing, hence resistance should be high.

EUR/USD has further carved a lower-degree upswing between 1.0490 and 1.0620 as seen on the 4H chart here. Prices are correcting lower and the possibility remains for a drag through the 1.0520-30 area before the bulls are back in control. The above counter-trend rally could last for the next few trading sessions and reach 1.0800 at least.

Trading idea:

A potential rally towards 1.0800 and 1.0950 against 1.0400

Good luck!

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