FX.co ★ Trading plan for EURUSD on November 22, 2022

Technical outlook:

EURUSD dropped through the 1.0222 lows on Monday before finding bids again. The single currency pair managed to pull back and is seen to be trading at about 1.0250 at this point in writing. Until prices stay above 1.0000, the bulls can come back in control and push the price towards the 1.0550-1.0600 zone before giving in to the bears again.

EURUSD is facing interim resistance at 1.0481, while support comes in around 0.9935, followed by 0.9740 on the daily chart. A push above 1.0481 will further confirm and accelerate the climb towards the 1.0550-1.0600 zone. Also, note that 1.0600 is close to the Fibonacci 0.382 retracement of the previous larger-degree downswing between 1.2266 and 0.9535 levels respectively.

EURUSD has been in a counter-trend rally after printing lows at 0.9535 earlier. The currency pair seems to be into its last leg higher towards the 1.0550-1.0600 zone before finding strong resistance. Also, note that the next-in-line price resistance is seen at about 1.0600 which could be the next target for bulls.

Trading idea:

Potential rally towards 1.0550 against 1.0000

Good luck!