Fundamental analysis

Trading plan for EURUSD on November 01, 2022

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Technical outlook:

EURUSD rose through the 0.9940 highs intraday on Tuesday after carving a higher low at 0.9871 in the early hours. The single currency pair is seen to be trading close to 0.9935 at this point in writing as the bulls prepare to push the price towards 1.0200 at least. Also, note an Engulfing Bullish candlestick pattern is unfolding on the daily chart shown here.

EURUSD might have at least one more leg higher towards the 1.0200-1.0300 zone before terminating its counter-trend rally, which began from the 0.9535 low. The currency is progressing into its last wave against the 0.9700 initial support. Besides, note that resistances are lined up at 1.0200 and 1.0350 levels respectively and the bulls would be determined to take them off.

EURUSD is rebounding from just above the Fibonacci 0.618 retracement around 0.9850 of its recent upswing between 0.9635 and 1.0188 (not highlighted on the daily chart). A bullish turn from here would push prices up towards the 1.0200 initial resistance in the near term. Potential also remains towards 1.0600 and higher as projected on the chart here.

Trading idea:

Potential rally towards 1.0200 and higher against 0.9500

Good luck!

The material has been provided by InstaForex Company –