FX.co ★ Trading plan for EURUSD for February 15, 2022

Technical outlook:

EURUSD dropped through 1.1280 mark on Monday before finding some support. The single currency pair has bounced off the lows and is seen to be trading around 1.1305 levels at the time of writing. Bears might have carved a potential low around 1.1280 level or they might be preparing to print yet another low around 1.1250 before giving up.

EURUSD has already retraced the recent upswing between 1.0636 and 1.2350 level by over 50% testing below the Fibonacci 0.50 level. Potential remains for a test of the 0.618 retracement close to 1.1250 as depicted here on the above chart. Bulls might be inclined to take control back thereafter and push through 1.1700 in the next few trading sessions.

EURUSD's larger wave structure continues to remain bullish as prices have bounced off the Fibonacci 0.618 retracement of the upswing between 1.0636 and 1.2350 around 1.1120. Bulls are expected to remain in control until prices stay above 1.1100 mark going forward. A break above 1.1500 will accelerate.

Trading plan:

Potential rally through 1.1700 and 1.2000 against 1.1100

Good luck!