FX.co ★ Trading plan for EURUSD on October 12, 2022

Technical outlook:

EURUSD dropped through the 0.9682 low intraday on Wednesday with a few hours left before the release of the FOMC minutes. The single currency pair is seen to be trading close to 0.9710 as the bulls are still poised to push the price through the 1.0200 initial resistance in the near term. A high probability remains for a bullish reversal and a Morning Star candlestick is in progress on the daily chart.

EURUSD might be preparing for its last leg higher to complete the counter-trend rally, which began from 0.9535 early this month. The potential targets are seen at about 1.0200 and 1.0300 in the near term, taking out resistances to 1.0200 and 1.0365 as seen on the chart here. Prices may push through 1.0600 and 1.0700 going forward.

EURUSD has carved a lower-degree upswing between 0.9535 and 0.9999, which has been retraced through the Fibonacci 0.618 levels around 0.9670 on Tuesday. The bulls seem to be poised to be back in control from here and push prices higher through 1.0200 at least, which is the initial resistance. The immediate support is seen at around 0.9535 which needs to hold now.

Trading idea:

Potential rally through 1.0200 and higher against 0.9500

Good luck!