FX.co ★ Trading plan for EURUSD on November 15, 2022

Technical outlook:

EURUSD tested swing highs at 1.0358 on Monday, just below 1.0364, producing a Doji Candlestick pattern on the daily chart as seen here. A high probability remains for an evening star bearish signal to be produced indicating a potential drop in the next few trading sessions. The single currency pair is seen to be trading close to 1.0320 at this point in writing and prepares to drag lower towards 0.9950.

EURUSD has taken out two resistances at 1.0200 and 1.0350 levels last week. This calls for a potential pullback from the current levels, before pushing further towards 1.0600, projected as the Fibonacci extensions on the daily chart. Having said that, also note that the larger-degree corrective wave might have terminated around 1.0364.

EURUSD needs to at least produce a pullback towards the 0.9950-1.0000 area if not a bearish reversal, before resuming higher again. Also, note that the recent upswing between 0.9740 and 1.0364 could be worked upon in the next few trading sessions. The potential support zone is seen around 0.9900 and 1.0000 levels. The bullish structure stays until the 0.9740 immediate support remains intact.

Trading idea:

Potential bearish turn against 1.0450

Good luck!