FX.co ★ Trading plan for EURUSD for November 03, 2021

Technical outook:

EURUSD has retraced further towards 1.1575 levels after printing 1.1613 high on Tuesday. The currency pair is trading around 1.1581 at the time of writing, near an intraday low. It could drag further towards 1.1550-60 before finding support and resuming higher again. The bottom line for bulls to remain in control is 1.1524 levels.

EURUSD had dropped to 1.1535 mark last Friday, which is the Fibonacci 0.786 retracement of its recent rally between 1.1524 and 1.1613 levels respectively. If 1.1535 potential support holds well from here on, bulls could be back in control and push prices towards 1.1950 at least. Also note that 1.1950-1.2000 zone is fibonacci 0.618 retracement of the previous drop between 1.2266 and 1.1524 levels respectively.

The overall wave structure for EURUSD still remains constructive for bulls. The currency had rallied between 1.0636 and 1.2350 mark between March 2020 and January 2021. Thereafter, the above rally was retraced (corrective wave) towards 1.1524 mark, which is close to fibonacci 0.50 retracement. High probability remains for a bullish bounce from here.

Trading plan:

Potentia rally towards 1.1950 against 1.1450.

Good luck!