empty
 
 
28.12.2022 07:43 AM
Trading plan for EUR/USD for December 28, 2022

This image is no longer relevant

Technical outlook:

EUR/USD broke through 1.0670 intraday highs intraday on Tuesday before hitting resistance as projected. Bears came back strong thereafter, dragging prices through 1.0610-20 lows. The pair has recovered since then and is seen to be trading close to the 1.0645 mark at this point in writing. The near-term outlook remains unchanged with a bearish bias against the 1.0736 level.

EUR/USD's counter-trend rally looks complete at the 1.0736 mark as prices hit close to projected targets around 1.0750-50. The three-wave rally, which had begun from 0.9535 earlier, has further met trend line resistance as seen on the daily chart here. Furthermore, prices have met the Fibonacci 0.382 retracement around 1.0600, of the entire drop between 1.2266 and 0.9535.

EUR/USD could resume its larger degree downtrend against 1.0736 and drag further below 0.9535 in the next several weeks. On the flip side, prices could find support close to the 1.0000-100 zone and turn higher again. Either way, a high probability remains for a slip lower towards 1.0000 at least from current levels.

Trading plan:

Potential bearish turn against 1.0750

Good luck!

Oscar Ton,
Analytical expert of InstaForex
© 2007-2024
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $9000 more!
    In May we raffle $9000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback