Trading plan for EURUSD on April 20, 2023
April 20, 2023 8:01 amVideo
Latest News
- Technical Analysis – GBPJPY continues to ascend May 10, 2024
- Technical Analysis – EURUSD retests 200-day SMA near downtrend line May 10, 2024
- Bitcoin finds support from a weaker dollar – Crypto News May 10, 2024
- Weekly Forex Outlook: 10/05/2024 – US inflation numbers to shake Fed rate cut bets May 10, 2024
- Forex forecast 05/10/2024: EUR/USD, GBP/USD, USD/JPY and Bitcoin from Sebastian Seliga May 10, 2024
- Week Ahead – US inflation numbers to shake Fed rate cut bets May 10, 2024
- GBP/USD: trading tips for beginners for European session on May 10 May 10, 2024
- EUR/USD: trading tips for beginners for European session on May 10 May 10, 2024
- Market Comment – Dollar slides, gold shines after soft US labor market data May 10, 2024
- Technical Analysis – AUDUSD remains undecided near crucial technical region May 10, 2024
- Technical Analysis – USDCAD slips beneath 20-day SMA May 10, 2024
- USD/JPY: trading tips for beginners for European session on May 10 May 10, 2024
- EUR/USD and GBP/USD: Technical analysis on May 10 May 10, 2024
- Forecast for EUR/USD on May 10, 2024 May 10, 2024
- Forecast for GBP/USD on May 10, 2024 May 10, 2024
- Forecast for AUD/USD on May 10, 2024 May 10, 2024
- Outlook for GBP/USD on May 10. The British pound failed. Or it simply refused May 10, 2024
- Outlook for EUR/USD on May 10. The euro went up for no reason May 10, 2024
- The US dollar stumbled again May 10, 2024
- The euro got away with it May 10, 2024
Technical outlook:
EURUSD dropped to the 1.0925-30 area on Wednesday before finding support. The single currency reversed sharply thereafter and rallied through the 1.0970-80 area before pulling back. It is seen to be trading close to 1.0955 at this point in writing as the bulls are looking to push through the 1.1000-1.1010 area in the near term before the bears are back in control.
EURUSD is poised to complete a gartley structure by dropping below 1.0500 in the next few weeks. As highlighted on the daily chart, the potential remains for a drop through 1.0100 before the bulls are back in control to resume the larger-degree trend higher. Also, note that 1.0100 is the Fibonacci 0.618 retracement of the previous rally between 0.9535 and 1.1035.
EURUSD is currently working on a lower-degree downswing between 1.1075 and 1.0909 (not seen on the daily chart). Intraday resistance is seen towards the 1.1000-1.1010 zone which is also the Fibonacci retracement of the above downswing. A high probability remains for a bearish reaction if prices manage to reach there.
Trading idea:
A potential bearish move against 1.1200
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: