23.03.2023 07:44 AM
Trading plan for EURUSD on March 23, 2023

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Technical outlook:

EURUSD rallied through the 1.0900-20 zone intraday on Thursday, extending its strength post-Fed Interest Rate Decision. The single currency pair is seen to be trading close to 1.0905 at this point in writing as resistance is looming over the 1.0910-20 zone. The bears should be looking to take control from here and drag the price below 1.0500 in the next few weeks.

EURUSD is unfolding a counter-trend drop towards 1.0100 since hitting the 1.1030 highs earlier. The currency pair is working on the larger-degree upswing between 0.9535 and 1.1030 and is expected to drag lower towards the Fibonacci 0.618 retracement. The counter-trend drop is close to resuming its last leg soon and prices should ideally stay below the 1.1030 interim resistance.

EURUSD has reached the Fibonacci 0.786 retracement of its recent downswing of the proposed corrective wave between 1.1030 and 1.0535. A bearish reaction is now expected for the last wave to resume lower towards 1.0500, 1.0400, and beyond. The bears remain poised to hold prices below 1.1030 to keep the structure intact.

Trading idea:

A potential drop towards 1.0100 against 1.1030

Good luck!

Oscar Ton,
Analytical expert of InstaForex
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