FX.co ★ Trading plan for EURUSD on October 19, 2022

Technical outlook:

EURUSD might be attempting yet another rally towards 0.9920 in the near term. The single currency pair is seen to be trading close to 0.9831 at this point in writing as it is consolidating since the last trading session. A bullish turn from here could push prices towards the 0.9910-20 zone, which acts as the next short-term resistance as well.

EURUSD could be progressing within its last leg rally towards 1.0200 as discussed earlier, to terminate its larger-degree counter-trend rally. For this count to hold true, prices must stay above 0.9635 which is interim support as seen on the daily chart. A push above 0.9920 will potentially confirm a new high above 0.9999 level going forward.

On the flip side, if prices turn lower from here and break below 0.9635, it would indicate that the larger-degree downtrend is underway and prices might head towards fresh lows below the 0.9535 mark. For now, we maintain our bullish stance until the 0.9635 interim low remains intact. We are looking higher towards 0.9920 in the short term.

Trading idea:

Potential rally towards 1.0200 against 0.9535

Good luck!