FX.co ★ Trading plan for EURUSD on October 24, 2022

Technical outlook:

EURUSD rose through the 0.9900 highs last week before finding resistance and pulling back. The single currency pair is seen to be trading close to the 0.9830 mark at this point in writing as the bulls prepare for yet another rally soon. Near-term support is seen around 0.9780 which could be seen as the next bullish turn.

EURUSD has immediate support around 0.9700-10, followed by 0.9630 and 0.9530 while resistance comes in around the 0.9999 mark going forward. Prices need to stay above 0.9700 to keep the bullish structure intact. The bulls set the target towards at least 1.0200 to complete the larger-degree counter-trend rally. The last leg might be progressing towards 1.0200 and higher against 0.9635.

EURUSD might be pulling back after hitting an interim high over 0.9900 levels last Friday. The Fibonacci 0.618 retracement of the recent rally is seen passing through 0.9780 because a high probability remains for a bullish turn from there. Only a consistent drop below 0.9700 and later on below 0.9635 will turn the structure bearish.

Trading idea:

Potential rally towards 1.0200 and higher against 0.9600.

Good luck!