FX.co ★ Trading plan for EURUSD for February 02, 2022

Technical outlook:

EURUSD managed to rally through 1.1275-80 zone in early hours of trade on Wednesday. The single currency looks poised to produce further gains after having produced a Morning Start bullish candlestick pattern early this week. Intraday support is seen toward 1.1220-30 zone as bulls remain inclined to hold prices above 1.1120 going forward.

EURUSD has bounced from the past resistance turned support zone around 1.1150 as depicted on the daily chart here. Furthermore, it is just below the Fibonacci 0.618 retracement of the previous rally between 1.0636 and 1.2350 levels respectively. If the above structure holds well, the next rally has got potential to push through 1.2350 high going forward.

EURUSD is facing immediate price resistance around 1.1500 level, while interim support is at 1.1120 level respectively. Bulls are looking poised to target above 1.1500 in the near term to confirm a potential trend reversal and that they are back in control. Intraday dips remain possible but prices should be well supported above 1.1120 mark going forward.

Trading plan:

Potential rally through 1.1150 against 1.1100

Good luck!