FX.co ★ Trading plan for EUR/USD for March 24, 2022

Technical outlook:

EUR/USD slipped below the 1.1000 handle. It is likely to test 1.0970. The daily chart has produced a tweezer bottom candlestick pattern indicating a potential bullish reversal. Bulls need to hold prices above 1.0900 and 1.0800. A push above 1.1140 will accelerate the proposed rally.

EUR/USD bounced off the Fibonacci 0.618 retracement of its recent upswing between the 1.0900 and 1.1137 levels on Wednesday. Prices are currently testing its support zone and we can expect a bullish bounce soon. The possibility also remains for a test below the 1.0900 mark before the rally could resume.

EUR/USD larger degree wave structure also continues to remain bullish as the single currency pair has bounced off the Fibonacci 0.786 retracement of the entire rally between 1.0636 and 1.2350, seen around the 1.0800 mark. Only a consistent break below 1.0800 will undermine bullish bias.

Trading plan:

Potential rally through 1.1500 against 1.0700

Good luck!