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EUR/USD Pair: The Probability Remains High For A Meaningful Pullback

EUR/USD Pair: The Probability Remains High For A Meaningful Pullback| FXMAG.COM
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Table of contents

  1. Technical outlook:
    1. Trading idea:
      eur usd pair the probability remains high for a meaningful pullback grafika numer 1

      Technical outlook:

      EURUSD pushed marginally higher through the 1.0874 high during the early hours of trade on Monday. The single currency pair has eased off thereafter and is seen to be trading close to 1.0855 at this point in writing. Major resistance at 1.0786 was taken out over the last week and the probability remains high for a meaningful pullback to get underway soon.

      EURUSD seems to have either completed its rally, which began from the 0.9535 low in September 2022 or is close to completing it. A potential evening star candlestick pattern could appear on the daily chart as seen here. A daily close below 1.0780 will confirm the bearish signal and initiate a meaningful pullback going forward.

      EURUSD remains well supported at the 1.0481 low as seen on the daily chart. A break there will further confirm that the bears are back in control and drag lower towards the 1.0350-70 zone at least. Also, note that potential remains for a drop until 1.0050 which is the Fibonacci 0.618 retracement of the entire rally between 0.9535 and 1.0874 respectively.

      Read next:The UK Economy Expects A Slightly Fall In Inflation, Expected To Fall By 0.1%| FXMAG.COM

      Trading idea:

      Potential drop against 1.0900 to resume soon.

      Good luck!

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      Relevance up to 06:00 UTC+1 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

      Read more: https://www.instaforex.eu/forex_analysis/308681


      Oscar Ton

      Oscar Ton

      Analytical expert of InstaForex

      Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 73.78% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.


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