FX.co ★ Trading plan for EURUSD on March 10, 2023

Technical outlook:

EURUSD has managed to rally past the 1.0600-10 zone intraday on Friday before finding mild resistance. The single currency pair is seen to be trading close to 1.0585 at this point in writing and is going to push further towards the 1.0700-40 area in the near term. Ideally, prices should stay above the 1.0525 interim lows to keep the bullish structure intact.

EURUSD is currently working on the bearish boundary between 1.1030 and 1.0524. Prices are expected to retrace above and reach 1.0700 at least in the short term. Having said that, potential remains for a push through the 1.0800-50 area which is the Fibonacci 0.618 retracement of the above drop. The instrument is looking higher in the near term.

Once the above retracement is complete, prices could reverse lower towards 1.0100 of the larger-degree upswing between 0.9535 and 1.1030 as seen on the daily chart. Furthermore, the 1.0100 mark is also the Fibonacci 0.618 retracement of the earlier upswing. Hence, the probability remains high for a bullish turn if prices reach there.

Trading idea:

A potential short-term rally through 1.0700, then lower again

Good luck!