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

Technical outlook:

EURUSD has pushed through 1.1000 mark intraday today. The single currency pair is carving a Morning Star bullish candlestick pattern on the daily chart after printing higher low around 1.0900 early this week. If bulls are successful, it would indicate a potential change in its trend and push prices higher through 1.1500 near term.

EURUSD had ralied through 1.0636 lows through 1.2350 highs between March 2020 and January 2021 as seen on the daily chart here. The meaningful larger degree upswing was then retraced by a corrective wave up to fibonacci 0.786 levels before bouncing back from 1.0800. Ideally, prices would stage a rally from here and hold above 1.0800 mark.

The recent upswing between 1.0800 and 1.1120 has also been corrected through its fibonacci 0.618 retracement around 1.0900 (not seen here). A bullish reversal remains high probability from current levels and push prices through 1.1500 resistance. It will also confirm that bulls ar back in control and ar here to stay for long.

Trading plan:

Potential rally through 1.1500 against 1.0700

Good luck!