FX.co ★ Trading plan for EUR/USD on June 16, 2022

Technical outlook:

EUR/USD dropped through the 1.0359 mark on Wednesday post-FOMC before pulling back sharply through 1.0470 during the Asian session on Thursday. The pair managed to hold above 1.0350 to hold above the 1.0350 swing low, keeping the structure intact for now. Bulls will be inclined to hold prices above the 1.0350 mark to keep the short-term outlook intact.

EUR/USD is still said to be unfolding a standard flat corrective structure (rally) since the 1.0350 lows. If the structure holds well, bulls will be back in control here and push prices through 1.1100 in the next few trading sessions. Notably, initial resistance is seen at 1.0920, which would be taken out going forward.

EUR/USD has carved a larger degree downswing between 1.2266 and 1.0350 earlier. Prices are retracing the above drop for now and projected targets are seen around 1.1100. In addition, the 1.1100 mark is close to the Fibonacci 0.382 retracement of the above drop. There is a high probability of a bearish turn if prices manage to reach there.

Trading plan:

Potential rally through 1.1100 against 1.0300

Good luck!