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

Technical outlook:

EUR/USD is attempting to push above 1.0620 initial resistance to confirm further upside towards 1.0800. The single currency pair is seen to be trading close to 1.0565 at this point in writing and is projected to hit 1.0695 intraday. The bulls would be poised to break above 1.0620 to assert themselves and confirm more upside left.

EUR/USD might have carved an interim low around 1.0450 last week as prices rallied close to 1.0600 last Friday. The counter-trend rally is expected to gain further momentum and push through 1.0800 at least in the near term, which is close to the Fibonacci 0.382 retracement of the earlier drop between 1.1275 and 1.0450 levels respectively.

EUR/USD carved a lower-degree upswing between 1.0450 and 1.0560 levels last week, which has also been retraced already carving a higher low around 1.0480. If the above support holds well, we should witness higher levels towards 1.0620-30 in the immediate short term. Thereafter, a pullback can be expected.

Trading idea:

A potential counter-trend rally is underway towards 1.0800 against 1.0450

Good luck!