FX.co ★ Trading plan for EURUSD for November 12, 2021

Technical outlook:

EURUSD has dropped through 1.1430-35 in the past few hours before finding mild bids. The single currency pair is trading around 1.1442-45 at this point in writing and is expected to push further towards 1.1600 in the near term. Please note that potential remains for a push through 1.1950 mark in the next several weeks as marked on the chart here.

EURUSD prices have dropped sharply from 1.1600 through 1.1435 in the past few trading sessions along with bullish divergence on daily RSI (lower part of the chart). The above phenomenon is potentially bullish for EURO and a swift reversal could be on cards taking bears by surprise. Immediate price resistance is at 1.1480, and a push higher would confirm that a meaningful bottom is in place.

The overall wave structure is also completing a corrective drop from 1.2350 through 1.1430-40 mark. Also prices have tested the Fibonacci 0.50 retracement of the earlier rally between 1.0636 and 1.2350 levels respectively. High probability remains for a push higher from current levels (1.1445) soon.

Trading plan:

Potential rally towards 1.1950 against 1.1400

Good luck!