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19.10.202309:19 Forex Analysis & Reviews: Trading plan for EURUSD on October 19, 2023

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Technical outlook:

EUR/USD might have carved an interim low just around 1.0525 on Wednesday. The single currency pair is inching higher and is seen to be trading close to 1.0545 at this point in writing. If immediate potential support at 1.0480 holds well, the bulls would be poised to push prices above 1.0630 going forward.

EUR/USD has been carving lower-degree upswings since the 1.0450 low as seen on the 4H chart. A conventional inverse Head-and-Shoulder pattern also seems to be carving with the potential right shoulder in place at 1.0480. If the above structure holds, the next wave could push prices higher towards the 1.0770-1.0800 range in the near term.

EUR/USD has dropped from 1.0580 in a corrective wave in the past two trading sessions. Hence, a probability remains for another push higher towards 1.0630 and 1.0800 levels. Only a consistent break below 1.0480 and subsequently below 1.0450 will bring back the bears in control and drag towards 1.0200.

Trading idea:

A potential rally to resume towards 1.0800 against 1.0450.

Good luck!

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