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

Technical outlook:

EURUSD surged through the 1.0096 high on Tuesday, above our projection, before pulling back lower again. The single currency pair is seen to be trading around 1.0045 at this point in writing as the bears might still be preparing for pushing the price lower towards 0.9860. The possibility of yet another high above 1.0096 is still valid but it is expected to be shallow.

EURUSD might be unfolding a complex corrective wave, which began from 0.9535 earlier. It could be seen as a combination, unfolding towards 1.0200 and higher, but ideally, prices should retrace from the current levels. Immediate support is seen at 0.9740, followed by 0.9625; while resistance is seen around 1.0200 and 1.0350 levels respectively.

EURUSD seems to have carved a meaningful upswing between 0.9740 and 1.0095. The bears might be preparing to retrace the above upswing towards the 0.9860 mark (adjusted), which is also the Fibonacci 0.618 level of the rally. A high probability remains for the uptrend to resume higher thereafter. So, the price could climb to 1.0200 and 1.0350 going forward.

Trading idea:

Potential rally towards 1.0200 and higher against 0.9500

Good luck!