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

Technical outlook:

EURUSD dropped through fresh swing lows around 1.1090 levels in the early trading hours on Wednesday. The single currency pair is seen to be trading around 1.1115 mark at this point in writing and could print yet another low before finding support. Bulls remain inclined to be back in control anytime soon from current levels.

EURUSD has been showing a bullish divergence on the daily RSI with every low since 1.1186 as depicted on the chart here. It is a strong indication for a potential bullish reversal from here anytime soon. Immediate price resistance is seen at 1.1500 mark and a break higher will confirm a meaningful bottom in place.

EURUSD still remains bullish looking at the larger degree wave structure. The earlier rally between 1.0636 and 1.2350 has been retraced just below its fibonacci 0.618 levels as seen here. High probability remains for a bullish turn from here and push through 1.1500 and 1.1700 levels respectively.

Trading plan:

Potential bullish turn towards 1.1500 and 1.1700 against 1.1000

Good luck!