empty
29.03.2023 06:50 AM
Trading plan for EURUSD on March 29, 2023

This image is no longer relevant

Technical outlook:

EURUSD rallied through the 1.0845-50 zone during the New York session on Tuesday before finding resistance again. The single currency pair is still trading close to 1.0840 at this point in writing as the bears prepare to regain control soon. Ideally, prices should stay below the 1.0930 interim resistance to keep the bearish view intact. The instrument is looking lower from here.

EURUSD is carving a larger-degree corrective phase since the 1.1035 highs registered on February 02, 2023. The first and second waves are in place at 1.0525 and 1.0930 levels respectively. The final wave should drag prices towards 1.2030 in the next few weeks to complete the corrective phase the retracement of its earlier upswing.

The lower-degree wave structure from the 1.0930 high is also looking constructive for the bears. It carved the first downswing towards 1.0712 on Friday last, producing an Evening Star candlestick pattern. Further, it has now pulled back towards the Fibonacci 0.618 retracement around 1.0845-50 as well. Be prepared for lower levels as long as 1.0930 remains intact.

Trading idea:

A potential drop towards 1.0230 against 1.1035

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

How to Trade the GBP/USD Pair on May 29? Simple Tips and Trade Analysis for Beginners

Analysis of Wednesday's Trades 1H Chart of GBP/USD On Wednesday, the GBP/USD pair continued its movement toward the ascending trend line, and during the night into Thursday, it unexpectedly broke

Paolo Greco 06:31 2025-05-29 UTC+2

How to Trade the EUR/USD Pair on May 29? Simple Tips and Trade Analysis for Beginners

Analysis of Wednesday's Trades 1H Chart of EUR/USD On Wednesday, the EUR/USD currency pair continued its downward movement, and during the night into Thursday, it experienced a sharp drop. There

Paolo Greco 06:31 2025-05-29 UTC+2

Trading Recommendations and Analysis for GBP/USD on May 29: The British Pound on the Edge

On Wednesday, the GBP/USD currency pair continued a sluggish downward movement, which this time lacked any fundamental support. As a reminder, on Monday, the dollar might see increased demand

Paolo Greco 03:32 2025-05-29 UTC+2

Trading Recommendations and Analysis for EUR/USD on May 29: The Dollar Breaks All Records

On Wednesday, the EUR/USD currency pair continued a mild downward movement, which still falls within the framework of the prevailing uptrend. In other words, we are still observing a correction

Paolo Greco 03:32 2025-05-29 UTC+2

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

In my morning forecast, I highlighted the 1.3497 level and planned to base entry decisions on it. Let's look at the 5-minute chart and see what happened. A rise

Miroslaw Bawulski 18:31 2025-05-28 UTC+2

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

In my morning forecast, I highlighted the 1.1300 level and planned to base my entry decisions around it. Let's take a look at the 5-minute chart to see what happened

Miroslaw Bawulski 18:27 2025-05-28 UTC+2

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

Analysis of Tuesday's Trades 1H Chart of GBP/USD On Tuesday, the GBP/USD pair also traded lower for the same reasons as the EUR/USD pair. First, after a conversation with Ursula

Paolo Greco 06:41 2025-05-28 UTC+2

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

Analysis of Tuesday's Trades 1H Chart of EUR/USD On Tuesday, the EUR/USD currency pair continued its downward movement, which had begun on Monday. The dollar continued to strengthen the night

Paolo Greco 06:41 2025-05-28 UTC+2

Trading Recommendations and Analysis for GBP/USD on May 28: A Minor Correction Won't Hurt

On Tuesday, the GBP/USD currency pair also traded lower for the same reasons as the EUR/USD pair. However, it cannot be said that the British currency depreciated significantly—an upward movement

Paolo Greco 04:10 2025-05-28 UTC+2

Trading Recommendations and Analysis for EUR/USD on May 28: The Dollar's Joy May Be Short-Lived

The EUR/USD currency pair showed a somewhat significant downward movement on Tuesday. However, this move did not impact the overall trend, market sentiment, or the broader context. The strengthening

Paolo Greco 04:10 2025-05-28 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.