Trading plan for EURUSD for October 29, 2021

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Technical outlook:

EURUSD finally breaks initial interim resistance around 1.1670 on Thursday. The single currency pushed through 1.1692 highs before pulling back lower again. The wave structure remains constructive for bulls as they remain poised to continue higher toward 1.1750, and 1.1950, going forward. Ideally, prices should stay above 1.1585 mark as intraday pullback remains capped higher.

EURUSD bulls are now targeting 1.1750-60 and 1.1900 levels in the next few trading sessions. Please note that 1.1624 is expected to provide support if prices pullback during the day. Immediate price support is now seen around 1.1585, followed by 1.1524; while resistance is at 1.1750, followed by 1.1900-50 levels respectively.

EURUSD larger wave structure is indicating that the corrective decline might be complete between 1.2350 and 1.1524 respectively. If the structure holds good, bulls might be inclined to push above 1.2350 levels in the next few weeks. On the flip side, if prices break below 1.1524 interim support, the next level to watch will be 1.1500.

Trading plan:

Potential rally toward 1.1950 against 1.1450

Good luck!

The material has been provided by InstaForex Company - www.instaforex.com

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