empty
 
 
22.03.2023 08:08 AM
Trading plan for EURUSD on March 22, 2023

This image is no longer relevant

Technical outlook:

EURUSD rallied through 1.0780 intraday on Tuesday before finding mild resistance. The single currency pair is seen to be trading close to 1.0775 at this point in writing as the bulls prepare to push one more time towards the 1.0800-30 area. Prices should face strong resistance around 1.0800 which is the Fibonacci 0.618 retracement of the earlier downswing between 1.1030 and 1.0535.

EURUSD has managed to produce a complex corrective rally since prices carved a low of around 1.0535. The correction turned out to be a combination of three waves and the final wave is set to terminate close to the 1.0800-30 zone. The bears will be inclined to drag prices lower towards 1.0100 in the next several weeks.

EURUSD is working upon its larger-degree upswing, which was carved between 0.9535 and 1.1030 as seen on the daily chart. The retracement is expected to drop towards 1.0200 and up to 1.0100 before the bulls are back in control. Also, note that the Fibonacci 0.618 level of the above upswing is seen passing close to 1.0100.

Trading idea:

A potential drop towards 1.0100 against 1.1030.

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 $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
  • 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