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27.03.2023 10:22 AM
Trading plan for EURUSD on March 27, 2023

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Technical outlook:

EURUSD has reversed sharply after printing highs around 1.0930 over the last week. The single currency pair almost reached 1.0700 last Friday before finding some bids and is seen to be trading around 1.0765 at this point in writing. A bearish Evening Star pattern on the daily chart is in the making, indicating that the price is sliding lower from here.

EURUSD bears are now looking inclined to drag prices towards 1.0500 and down to 1.0100 in the next few trading sessions. The larger-degree upswing between 0.9535 and 1.1035 is being worked on right now. Also, note that 1.0100 is the Fibonacci 0.618 retracement of the above upswing, hence, a bullish reaction is expected if prices reach there.

EURUSD's recent wave structure indicates that prices are plotting their last wave lower against 1.0930 to complete the corrective phase. Prices have reversed from the Fibonacci 0.786 retracement of the recent downswing between 1.1035 and 1.0525. Therefore, prices might reach 1.0350 and pull back again before resuming lower.

Trading idea:

A potential bearish move towards 1.0250 against 1.1035

Good luck!

Oscar Ton,
Analytical expert of InstaForex
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