FX.co ★ Trading plan for EURUSD on July 11, 2023

Technical outlook:

EUR/USD rallied past the 1.1010 mark during the early Asian session on Tuesday. The single currency pair has moved in line with the projections made and is going to approach resistance around the 1.1020-30 zone soon. As indicated on the daily chart here, the bears could be back in control and drag prices lower towards 1.0800 in the next few trading sessions.

EUR/USD should ideally stay below the 1.1095 interim resistance to keep the bearish scenario intact. A consistent push above 1.1095 will confirm that a meaningful bottom is in place at 1.0832 and the bulls are back in control. In the above case, the larger-degree triangle consolidation would be considered to be complete at the 1.0832 lows.

Ideally, prices should turn lower towards 1.0832 to terminate the last leg of the proposed triangle consolidation on the chart. It would require a break below 1.0832 at least, to complete the pattern. The bulls will be ready to resume higher thereafter and push through 1.1200 at least. The potential remains for a push through 1.1500 levels as well.

Trading plan:

A potential drop towards 1.0800 to resume soon.

Good luck!