empty
 
 
31.05.2023 07:58 AM
Trading plan for EURUSD on May 31, 2023

This image is no longer relevant

Technical outlook:

EURUSD dropped close to 1.0670 on Tuesday before finding bids again. The bulls managed to push the price higher up to 1.0750 intraday before pulling back. The single currency pair is retracing its upswing and is seen to be trading close to 1.0690 at this point in writing. The bulls are expected to come back and push prices towards the 1.0850-70 zone in the near term.

EURUSD is close to terminating its larger-degree corrective wave around 1.0500. The single currency is retracing its previous rally between 0.9535 and 1.1035 and its initial support comes through the Fibonacci 0.382 retracement seen just below 1.0500. Once complete, the bulls are expected to come back and push prices above 1.1095.

EURUSD has been dropping from the 1.1095 highs carving a series of lower-degree waves. Prices might have found interim support around 1.0670 and could produce a short pullback rally towards 1.0850 at least in the next few trading sessions. The bears would be prepared to come back in control thereafter and drag towards 1.0500.

Trading idea:

A potential drop after a short rally towards 1.0850

Good luck!

Oscar Ton,
Analytical expert of InstaForex
© 2007-2025
Summary
Urgency
Analytic
Oscar Ton
Start trade
Gagnez sur les variations du cours des cryptomonnaies avec InstaForex.
Téléchargez MetaTrader 4 et ouvrez votre première transaction.
  • 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

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback