FX.co ★ Trading plan for EURUSD on September 09, 2022

Technical outlook:

EURUSD pushed further towards the 1.0110-20 area during the European session on Friday. The bulls have taken out initial resistance at around 1.0080 with relative ease and might take a break now. The single currency pair is seen to be trading at around 1.0060 and it is expected to drop towards 0.9930 before resuming higher again.

EURUSD might have produced the initial lower-degree upswing of the counter-trend rally, which was expected after printing the 0.9863 low. The entire drop between 1.2350 and 0.9863 is expected to be retraced at least towards the 1.0800-1.0900 area before turning lower again. Also, note that the Fibonacci 0.382 retracement of the entire drop is also seen passing through 1.0800 as seen on the daily chart.

EURUSD bulls have managed to carve a lower-degree upswing between 0.9863 and 1.0113. Prices are now expected to pull back lower towards the 0.9930-50 zone before finding support again. We can expect the rally to resume higher thereafter and push the price higher towards 1.0450 and 1.0800. First, the price will turn lower, then it will be bullish again from here.

Trading plan:

Potential rally towards 1.0800 against 0.9800

Good luck!