FX.co ★ Trading plan for EURUSD for April 29, 2022

Technical outlook:

EURUSD has comfortable taken out its two year swing low at 1.0636 as depicted here on the daily chart. The single currency pair continued to drift lower and printed 1.0470 on Thursday. It is seen to be trading close to 1.0515 mark at this point in writing and is expected to resume higher anytime soon, though there is no reversal signal yet.

EURUSD is facing immediate resistance around the 1.0930 mark, followed by 1.1200 and higher, while interim support is now seen around 1.0350, the 2017 low. If bears continue to remain in control from here, prices could drop below 1.0350 support and indicate further decline going forward. On the flip side, a break above 1.0930 will be encouraging for bulls.

At current levels, EURUSD is testing a channel support trend line on the weekly chart (not seen here). A successful bounce on the north side would indicate a potential bottom in place around 1.0470 mark. Please also keep in mind that daily RSI is still producing a potential bullish dovergence, which could change the trend.

Trading plan:

Preparing for potential rally. Aggressive setup is long against 1.0350.

Good luck!