24.02.202308:34 Forex Analysis & Reviews: Trading plan for EURUSD on February 24, 2023

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Technical outlook:

EURUSD slipped through the 1.0575 low on Thursday before finding bids coming. The single currency pair is seen to be trading close to 1.0600 at this point in writing as the bulls prepare to come back in control. A pullback could happen from here or from 1.0500 in the near term towards 1.0800 and up to 1.0900 levels. The bears will enter the market thereafter.

EURUSD might still have room to drop towards 1.0480 to take out initial support and then produce the much-awaited pullback rally. On the other hand, if prices manage to break above 1.0700 which is short-term resistance, it would confirm that a meaningful bottom is in place at 1.0575. The bulls will be inclined to push the price higher through 1.0800.

EURUSD is unfolding a larger-degree corrective drop towards 1.0500 and 1.0100 in the medium term. Also, note that 1.0100 is close to the Fibonacci 0.618 retracement of the earlier rally between 0.9535 and 1.1025 respectively. A high probability remains for the larger-degree trend to resume higher towards 1.1025 and further from 1.0100 strong support.

Trading idea:

The potential drop against 1.1025 in the medium term

Good luck!

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