FX.co ★ Trading plan for EUR/USD on February 28, 2023

Technical outlook:

EUR/USD rallied through the 1.0620 high intraday on Monday before pulling back. The pair is seen to be trading just below the 1.0590 mark at this point in writing as bulls remain poised to push further toward the 1.0640-50 zone. Intraday support is seen around the 1.0570-75 range, and bulls are expected to come back strong if prices drop from here.

EUR/USD is unfolding a larger degree corrective wave after prices pushed through 1.1025 swing highs on February 02, 2023. It is quite possible that the first wave is complete between 1.1025 and 1.0535 levels. If the above structure holds well, the quote could stage a rally toward 1.0700 and up to the 1.0800-1.0850 range. Prices should stay above 1.0535 for the above structure to remain intact.

EUR/USD is facing immediate resistance around 1.0700-20; while support is seen at 1.0480 levels. The expected pullback should materialize from current levels or after breaking below 1.0481. Please note that bears are targeting 1.0100 levels before the corrective wave terminates. A high probability remains for a bullish bounce from 1.0100 since it is the Fibonacci 0.618 retracement of the earlier upswing.

Trading plan:

Potential short-term rally to 1.0700-800 zone before turning lower.

Good luck!