13.10.202306:53 Forex Analysis & Reviews: Trading plan for EURUSD on October 13, 2023

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Technical outlook:

EUR/USD reversed from the 1.0620-30 zone seen around the trend line resistance on Thursday in line with our projection. Prices are very close to the potential support around the 1.0300-10 area which is also the Fibonacci 0.618 retracement of the recent rally between 1.0450 and 1.0630. The single currency pair is seen to be trading close to 1.0550 at this point in writing.

EUR/USD is carving a larger-degree corrective wave, which supposedly began from 1.0450 last week. The currency pair has carved an upswing through 1.0630 which is now followed by a correction/retracement towards 1.0530. A probability remains for another leg higher towards 1.0800 and up to 1.0900-50.

EUR/USD could print yet another low towards 1.0500 before resuming higher again. Also, note that the RSI is hovering around the 40 mark, which also indicates a potential rally above 1.0630 before hitting resistance. Alternatively, if prices continue breaking below 1.0500 consistently, the instrument could drop below 1.0450.

Trading idea:

A potential drop might be close to complete around 1.0500.

Good luck!

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