empty
 
 
10.06.2022 02:39 AM
Trading plan for EURUSD on February 16, 2023

This image is no longer relevant

Technical outlook:

EURUSD rallied through the 1.0722 high intraday on Friday before finding resistance. The single currency pair has drifted within a 30-pip range and is seen to be trading close to 1.0700 at this point in writing. Near-term potential remains towards 1.0850 and possibly up to 1.0900 before the bears are back in control. Ideally, prices stay below the 1.1025 interim resistance.

EURUSD has rallied from 0.9535 towards 1.1025 in the past several weeks, carving a larger-degree wave as seen on the daily chart here. The above rally is being retraced and prices are expected to reach 1.0500 down to 1.0100 in the medium term. At the moment, the bears are working on an initial drop within the above corrective structure.

EURUSD might produce a short-term rally towards 1.0850 in the next few days before the drop resumes towards 1.0500 and 1.0100 respectively. Also, note that 1.0100 is the Fibonacci 0.618 retracement of the entire rally between 0.9535 and 1.0125 levels, hence potential remains high for a bullish reversal.

Trading idea:

Potential bearish continuation against 1.1025

Good luck!

Paolo Greco,
Analytical expert of InstaForex
© 2007-2024
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $4000 more!
    In July we raffle $4000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback