FX.co ★ Trading plan for EURUSD for August 17, 2022

Technical outlook:

EURUSD dropped throgh the 1.0125 lows during early New York session on Tuesday, remaining shy by just a few pips from the projected 1.0100-1.0110 range. The single Europen currency raised throgh the 1.0194 highs thereafter and is now seen to be trading close to the 1.0175 mark. Prices are expected to push towards the 1.0200-20 range in the immediate short term.

EURUSD is working on a larger degree corrective wave towards the 1.0950 levels, revised from earlier projections, seen on the daily chart now. After having carved a meaningful downswing between the 1.2350 and 0.9952 levels, bulls are now looking poised to push through the Fibonacci 0.382 level towards the 1.0900 levels projected on the above chart.

EURUSD has now retraced almost through the Fibonacci 0.618 level of its recent upswing between 0.9952 and 1.0368, which is close to the 1.0100-10 zone. If the above structure holds well, bulls will be determined to come back in control from here and push through at least the 1.0900 level, holding prices above the 0.9952 mark.

Trading plan:

Potential rally towards 1.0900 against 0.9950

Good luck!