28.03.2023 07:45 AM
Trading plan for EURUSD on March 28, 2023

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Technical outlook:

EURUSD has rallied in a corrective wave towards the 1.0815-20 zone intraday on Tuesday. The single currency might have faced resistance and is seen to be trading close to 1.0810 at this point in writing. The high probability remains for yet another low around 1.0650 in the near term. On the upside, short-term resistance comes around 1.0850.

EURUSD is producing a larger-degree counter-trend drop since the 1.1035 high. The border being retraced is an entire upswing between 0.9535 and 1.1035. This is projected to terminate at about 1.0250 at least. A break below 1.0500 will confirm and accelerate the move further towards 1.0250 and down to 1.0100 which is the Fibonacci 0.618 level of the above upswing.

EURUSD is probably into its last wave decline after hitting the 1.0930 high last week. Also, note that 1.0930 is the Fibonacci 0.786 retracement of the previous drop between 1.1035 and 1.0535 which should hold from here on. Furthermore, an Evening Start candlestick pattern on the daily chart has confirmed a bearish reversal against 1.0930.

Trading idea:

A potential drop towards 1.0250 against 1.1035

Good luck!

Oscar Ton,
Analytical expert of InstaForex
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