empty
 
 
20.04.2023 07:47 AM
Trading plan for EURUSD on April 20, 2023

This image is no longer relevant

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!

Oscar Ton,
Analytical expert of InstaForex
© 2007-2025
Summary
Urgency
Analytic
Oscar Ton
Start trade
通过InstaForex赚取加密货币汇率变动的收益。
下载MetaTrader 4并开启您的第一笔交易。
  • 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 $6000 more!
    In December we raffle $6000 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
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

推荐文章

现在无法通话?
提出您的问题,用 在线帮助.
Widget callback