FX.co ★ Trading plan for EURUSD on November 18, 2022

Technical outlook:

EURUSD dropped through the 1.0305 lows on Thursday before finding support. The single currency pair is seen to be trading close to 1.0370 at this point in writing as a probability remains for yet another low towards the 1.0250-80 mark before the rally could resume. A break above 1.0405 from here would confirm that the euro is heading north again.

EURUSD might still have some upside momentum left within its last-leg rally, which began from 0.9740 earlier. The intraday support zone is seen towards the 1.0250-80 area. If prices manage to drop there, the bulls will be looking to come back in control. Immediate price support on the daily chart is seen at 0.9740 and only a break below turns the structure bearish.

EURUSD is working on its recent upswing between 0.9740 and 1,0480 as discussed earlier. Furthermore, the past resistance-turned-support zone is seen around 1.0000. A drop there remains possible and could bring back the bulls into action again. The overall structure remains bearish with one more shallow high left around the 1.0600 mark.

Trading idea:

A potential rally towards 1.0600 from 1.0280

Good luck!