FX.co ★ Trading plan for EURUSD on November 10, 2022

Technical outlook:

EURUSD dropped to the 0.9940 low intraday on Thursday after finding resistance from the 1.0093 high early this week. The single currency pair is seen to be trading close to 0.9950 at this point in writing with more room left on the downside. The bears might continue to drag the price towards the 0.9870-80 area before giving in to the bulls again. The anticipated retracement is underway.

EURUSD remains within its final leg higher towards 1.0200 and 1.0350 resistances in the near term. As discussed earlier, the corrective rally, which began from 0.9535 might be taking a complex structure, possibly a combination or a double zigzag. Immediate price support is towards 0.9740, followed by 0.9635 and 0.9535; while resistance starts from 1.0200 respectively.

EURUSD has begun retracing its recent upswing between 0.9740 and 1.0093 levels as seen on the daily chart. Prices are currently testing 0.9940 with more room to drop towards 0.9870, which is also the Fibonacci 0.618 retracement of the above rally. The bulls would be looking to come back strong thereafter and push through the 1.0200 high in the near term.

Trading idea:

Potential rally towards 1.0200 against 0.9700

Good luck!