empty
15.11.2023 07:54 AM
Trading plan for EURUSD on November 15, 2023

This image is no longer relevant

Technical outlook:

EUR/USD rallied sharply on Tuesday during the New York Session reaching the 1.0887 high. The single currency has hit the Fibonacci .1.27 extension and is just a few points away from taking out the 1.0930 high. Also, note that the price has tested the Fibonacci 0.50 retracement of the earlier downswing between 1.1275 and 1.0450 as the bears might be preparing to turn prices lower again.

The above rally in EUR/USD has been in line with our projections almost terminating the counter-trend rally close to 1.0900. We might witness another push higher before prices turn lower again. Most traders might be inclined to take profits on the long positions initiated earlier as resistance should be strong around the 1.0890-1.0930 zone.

EUR/USD has either completed its corrective wave around 1.0885-90 or it is close to termination. Please note that the Fibonacci 0.618 retracement of the above drop is seen passing through the 1.0930-50 range which should act as a potential reversal zone if prices manage to reach there. Immediate resistance is also seen around 1.0945.

Trading idea:

A potential rally is near to complete at 1.0887. Prepare to turn bearish 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 June 13th (Review of Morning Trades)

In my morning forecast, I highlighted the 1.3531 level and planned to make trading decisions based on it. Let's look at the 5-minute chart and analyze what happened. A decline

Miroslaw Bawulski 12:37 2025-06-13 UTC+2

EUR/USD: Trading Plan for the U.S. Session on June 13th (Review of Morning Trades)

In my morning forecast, I highlighted the 1.1556 level and planned to base market entry decisions on it. Let's look at the 5-minute chart and analyze what happened. A rise

Miroslaw Bawulski 12:31 2025-06-13 UTC+2

How to Trade the GBP/USD Pair on June 13? Simple Tips and Trade Analysis for Beginners

Analysis of Thursday's Trades 1H Chart of GBP/USD On Thursday, the GBP/USD pair demonstrated a relatively strong upward movement, though the British pound did experience intraday declines. There were many

Paolo Greco 06:31 2025-06-13 UTC+2

How to Trade the EUR/USD Pair on June 13? Simple Tips and Trade Analysis for Beginners

Analysis of Thursday's Trades 1H Chart of EUR/USD The EUR/USD currency pair on Thursday and during the night into Friday exhibited "American-style racing." Over the past two days, the U.S

Paolo Greco 06:31 2025-06-13 UTC+2

Trading Recommendations and Analysis for GBP/USD on June 13: Weak GDP Spoiled the Picture for the Pound.

On Thursday, the GBP/USD currency pair continued to move upward. However, somewhat surprisingly, the pound appreciated less this week than the euro. The British currency came under pressure first from

Paolo Greco 03:41 2025-06-13 UTC+2

Trading Recommendations and Analysis for EUR/USD on June 13: Trump Warns of Tariff Hikes

The EUR/USD currency pair continued its strong upward movement on Thursday, which began on Wednesday. A downward pullback started by the end of the day, but it was significantly weaker

Paolo Greco 03:40 2025-06-13 UTC+2

How to Trade the GBP/USD Pair on June 12? Simple Tips and Trade Analysis for Beginners

Analysis of Wednesday's Trades 1H Chart of GBP/USD On Wednesday, the GBP/USD pair moved in a manner similar to the EUR/USD pair. The U.S. inflation report became a new driver

Paolo Greco 06:05 2025-06-12 UTC+2

How to Trade the EUR/USD Pair on June 12? Simple Tips and Trade Analysis for Beginners

Analysis of Wednesday's Trades 1H Chart of EUR/USD On Wednesday, the EUR/USD currency pair resumed its upward trend, lasting more than four months. More precisely, it has continued since Donald

Paolo Greco 06:05 2025-06-12 UTC+2

Trading Recommendations and Analysis for GBP/USD on June 12: The Pound Finds a New Reason to Cheer

On Wednesday, the GBP/USD currency pair resumed its upward movement. As previously noted, the British currency currently has no valid reason to decline against the U.S. dollar—specifically, against the U.S

Paolo Greco 04:00 2025-06-12 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.