21.03.2023 08:02 AM
Trading plan for EURUSD on March 21, 2023

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Technical outlook:

EURUSD has rallied yet again through the 1.0720-30 area intraday on Tuesday. The single currency pair has been drifting within a range between 1.0520-30 and 1.0730-50 for a few trading sessions. The pair is seen to be trading around 1.0715 at this point in writing and could test 1.0760 before turning lower again.

EURUSD might push higher towards 1.0850 if the bulls are able to break above the 1.0760 interim resistance. Also, note that the Fibonacci 0.618 retracement of the recent downswing between 1.1030 and 1.0535 is passing close to 1.0650. We can expect prices to turn lower from there and drag below the 1.0500 interim support.

The overall wave structure is indicating that EURUSD is unfolding a larger-degree counter-trend lower towards 1.0250 and down to 1.0120. The medium-term support trend line is also seen passing through 1.0250 along with the Fibonacci 0.50 retracement of the earlier rally. The bulls would be looking to come back in control thereafter.

Trading idea:

A potential drop to 1.0250 and 1.0100 against 1.1030

Good luck!

Oscar Ton,
Analytical expert of InstaForex
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