FX.co ★ Trading plan for EURUSD for April 11, 2022

Technical outlook:

EURUSD slipped through 1.0836 mark on Friday before turning higher. The single currency pair produced a Doji on the daily chart indicating a potential reversal on Monday. Prices opened higher around 1.0935 during early Asia Session before pulling back. Bulls have managed to push prices above the 1.0900 mark at this point in writing.

EURUSD might have carved a higher low at 1.0836 over the last week and it could be ready to rally towards 1.1500 levels. Unlike the other majors and the US dollar index, EURO has not yet printed a fresh swing low below 1.0800 mark. This could be seen as a divergence scenario and a potential trend reversal going forward.

EURUSD has found support around its fibonacci 0.786 retracement of the larger degree upswing between 1.0636 and 1.2350 levels earlier. Ideally, prices should produce a strong rally from here taking out initial resistance around 1.1500 mark. Watch out for a potential Morning Star bullish reversal candlestick patern on the daily chart.

Trading plan:

Potential rally through 1.1500 against 1.0700

Good luck!