11.03.202207:30 Forex Analysis & Reviews: Trading plan for EURUSD for March 11, 2022

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Technical outlook:

EURUSD rallied through 1.1121 high on Thursday before pulling back. The single currency pair is trading close to 1.0990-95 zone at this point in writing and might be looking to resume higher through 1.1170-1.1200 zone in the near term. Bulls are expected to remain in control till 1.0800 holds well. Watch out for a push through 1.1500 resistance in the next few trading sessions.

EURUSD has carved a Morning Star candlestick pattern on the daily chart as seen here. This indicates a potential bullish reversal going forward. As labelled on the chart, immediate resistance is seen through 1.1500 followed by 1.1690, while interim support is seen through 1.0800 levels respectively. A break above 1.1500 will confirm a trend reversal ahead.

EURUSD has bounced off the Fibonacci 0.786 retracement of its entire rally between 1.0636 and 1.2350 respectively. The bullish structure still remains intact as bulls are now looking inclined to carve higher highs and higher lows. Intraday support is seen around 1.0956 mark; watch out for a turn thereafter.

Trading plan:

Potential rally through 1.1500 against 1.0600

Good luck!

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.