empty
 
 
06.02.2023 10:45 AM
Trading plan for EURUSD on February 06, 2023

This image is no longer relevant

Technical outlook:

EURUSD finally reversed sharply from the 1.1025 high, the supposed resistance zone, on Friday. The single currency pair dragged through fresh lows at 1.0780 on Monday and is seen to be trading close to 1.0790 at the time of writing. The much-awaited retracement might be on its way lower towards 1.0480 and 1.0120 levels in the next several trading sessions.

EURUSD is looking set to produce a larger-degree decline and retrace the earlier rally between 0.9535 and 1.1025 levels. Intraday rallies are possible towards 1.0920 but the price should remain well capped below 1.1025. The bears might be poised to initially target the levels below the 1.0481 initial support before pulling back partially.

EURUSD's wave structure is indicative of a three-wave corrective drop towards the 1.0100-20 zone. Also, note that the Fibonacci 0.618 retracement of the above rally is passing through 1.0100-20. Hence, a high probability remains for a bullish turn if prices reach there. Only a push through 1.1020 will nullify the above bullish scenario.

Trading idea:

Potential bearish continuation against .1.1025

Good luck!

Oscar Ton,
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 $8000 more!
    In March we raffle $8000 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