empty
07.11.2023 08:06 AM
Trading plan for EUR/USD for November 07, 2023

This image is no longer relevant

Technical outlook:

EUR/USD rallied through the 1.0755-60 zone on Monday as expected before pulling back lower. The currency pair might find support around the 1.0700-10 zone or the 1.0670-80 range intraday and resume higher thereafter. Ideally, bulls should be looking to print at least one more high above the 1.0760 mark before producing a meaningful pullback.

EUR/USD has been unfolding a larger degree corrective rally since printing lows around 1.0450. The above rally could be into its final leg higher or prepare for a deeper rally through the 1.0900-30 range. Prices need to stay above 1.0510 to keep the bullish momentum going. Also note that the 1.0900-30 range is fibonacci 0.618 retracement of the above down swing bettween 1.1275 and 1.0450.

EUR/USD's 1H RSI is seen to be stalling around the 38-40 mark (not displayed here), which could be an indication of yet another shallow high above the 1.0760 mark. Aggressive traders might be preparing to initiate fresh short positions just around the 1.0760 mark. Only a continued drop towards 1.0620 from here will delay matters further.

Trading plan:

Potential rally above 1.0760 before pulling back lower again.

Good luck!

Oscar Ton,
Analytical expert of InstaForex
© 2007-2025
Select timeframe
5
min
15
min
30
min
1
hour
4
hours
1
day
1
week
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

Recommended Stories

GBP/USD: Trading Plan for the U.S. Session on April 1 (Review of Morning Trades)

In my morning forecast, I highlighted the level of 1.2916 and planned to make market entry decisions based on it. Let's look at the 5-minute chart and analyze what happened

Miroslaw Bawulski 19:49 2025-04-01 UTC+2

EUR/USD: Trading Plan for the U.S. Session on April 1st (Review of Morning Trades)

In my morning forecast, I highlighted the level of 1.0815 and planned to make market entry decisions based on it. Let's look at the 5-minute chart and analyze what happened

Miroslaw Bawulski 19:31 2025-04-01 UTC+2

GBP/USD: Trading Plan for the U.S. Session on March 31st (Analysis of Morning Trades)

In my morning forecast, I focused on the 1.2966 level and planned to make trading decisions based on it. Let's look at the 5-minute chart and analyze what happened

Miroslaw Bawulski 19:52 2025-03-31 UTC+2

EUR/USD: Trading Plan for the U.S. Session on March 31st (Analysis of Morning Trades)

In my morning forecast, I highlighted the 1.0829 level and planned to make trading decisions based on it. Let's look at the 5-minute chart to see what happened. A decline

Miroslaw Bawulski 19:50 2025-03-31 UTC+2

How to Trade the GBP/USD Pair on March 31? Simple Tips and Trade Analysis for Beginners

Analysis of Friday's Trades 1H Chart of GBP/USD The GBP/USD pair traded sideways on Friday, unlike the EUR/USD pair. And that's rather strange. For several weeks now, the British pound

Paolo Greco 03:21 2025-03-31 UTC+2

How to Trade the EUR/USD Pair on March 31? Simple Tips and Trade Analysis for Beginners

Analysis of Friday's Trades 1H Chart of EUR/USD On Friday, the EUR/USD currency pair once again traded higher. We can't say that macroeconomic events justified this movement. At this point

Paolo Greco 03:21 2025-03-31 UTC+2

GBP/USD: Trading Plan for the U.S. Session on March 28th (Review of Morning Trades)

In my morning forecast, I focused on the level of 1.2964 and planned to make market entry decisions based on it. Let's look at the 5-minute chart and break down

Miroslaw Bawulski 18:54 2025-03-28 UTC+2

EUR/USD: Trading Plan for the U.S. Session on March 28th (Review of Morning Trades)

In my morning forecast, I highlighted the level of 1.0801 and planned to base my market entries on it. Let's look at the 5-minute chart to see what happened

Miroslaw Bawulski 18:52 2025-03-28 UTC+2

How to Trade the GBP/USD Pair on March 28? Simple Tips and Trade Analysis for Beginners

Analysis of Thursday's Trades 1H Chart of GBP/USD On Thursday, the GBP/USD pair also traded higher—and quite strongly. Despite the release of a reasonably solid Q4 GDP report

Paolo Greco 06:05 2025-03-28 UTC+2

How to Trade the EUR/USD Pair on March 28? Simple Tips and Trade Analysis for Beginners

Analysis of Thursday's Trades 1H Chart of EUR/USD The EUR/USD currency pair rose to the 1.0804 level on Thursday. Naturally, such an unexpected and relatively strong rise in the euro

Paolo Greco 06:05 2025-03-28 UTC+2
Can't speak right now?
Ask your question in the chat.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.