empty
17.10.2023 08:04 AM
Trading plan for EURUSD on October 17, 2023

This image is no longer relevant

Technical outlook:

EUR/USD rallied through the 1.0550-55 range on Monday in line with projections. The single currency pair is pulling back a bit and is seen to be trading close to 1.0545 at this point in writing. Intraday resistance is now seen around the 1.0570-85 zone as a high probability remains for a turn lower thereafter. Only a consistent push above 1.0630 will encourage a rally further towards 1.0800.

EUR/USD turned lower from a trend line resistance passing through 1.0620-30 over the last week. If the bears remain in control and hold prices below 1.0620, we might witness further weakness towards 1.0200 and down to 1.0150 levels in the next few trading sessions. On the flip side, if the corrective wave unfolds higher, the bulls could push it through 1.0800 at least.

EUR/USD is poised to push higher towards 1.0585 during the day before producing a meaningful pullback. It remains to be seen if the instrument pulls back or reverses lower towards the larger trend. Also, note that the Fibonacci resistance begins from 1.0800 as projected here. The 1.0620-30 immediate resistance holds the key for the bulls to stay in control.

Trading idea:

Potential near-term resistance is seen around 1.0585. Flat for now.

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 12? Simple Tips and Trade Analysis for Beginners

Analysis of Friday's Trades 1H Chart of GBP/USD On Friday, the GBP/USD currency pair exhibited a tendency to rise. As we can see, first of all, the pair once again

Paolo Greco 06:50 2025-05-12 UTC+2

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

Analysis of Friday's Trades 1H Chart of EUR/USD On Friday, the EUR/USD currency pair traded in a fairly technical and predictable manner. The US dollar failed to build

Paolo Greco 06:50 2025-05-12 UTC+2

Trading Recommendations and Analysis for GBP/USD on May 12. Flat Trend Not Over

On Friday, the GBP/USD currency pair initially exited its sideways channel but quickly and confidently recovered to the Senkou Span B line. From a technical standpoint, the flat range could

Paolo Greco 03:48 2025-05-12 UTC+2

Trading Recommendations and Analysis for EUR/USD on May 12. The Euro Is in No Hurry to Fall, and the Dollar to Rise

The EUR/USD currency pair could not continue its downward movement on Friday. This is not surprising, as any dollar growth is achieved with significant effort. Regardless of the macroeconomic

Paolo Greco 03:48 2025-05-12 UTC+2

GBP/USD: Trading Plan for the U.S. Session on May 9th (Morning Trade Review)

In my morning forecast, I highlighted the 1.3283 level and planned to make market entry decisions based on it. Let's look at the 5-minute chart and analyze what happened

Miroslaw Bawulski 19:05 2025-05-09 UTC+2

EUR/USD: Trading Plan for the U.S. Session on May 9th (Review of Morning Trades)

In my morning forecast, I drew attention to the 1.1257 level and planned to base entry decisions around it. Let's look at the 5-minute chart and analyze what happened there

Miroslaw Bawulski 19:01 2025-05-09 UTC+2

What to Pay Attention to on May 9? A Breakdown of Fundamental Events for Beginners

There are no macroeconomic events scheduled for Friday. Fundamental developments will also be limited, but it's entirely unclear which factors influence price formation. The pound and the euro had reasons

Paolo Greco 06:19 2025-05-09 UTC+2

How to Trade the GBP/USD Pair on May 9? Simple Tips and Trade Analysis for Beginners

Analysis of Thursday's Trades 1H Chart of GBP/USD On Thursday, the GBP/USD pair continued its choppy decline within the sideways channel and failed to break out, unlike the EUR/USD pair

Paolo Greco 05:55 2025-05-09 UTC+2

How to Trade the EUR/USD Pair on May 9? Simple Tips and Trade Analysis for Beginners

Analysis of Thursday's Trades 1H Chart of EUR/USD On Thursday, the EUR/USD currency pair unexpectedly exited the sideways channel where it had been trading for three weeks. This occurred during

Paolo Greco 05:55 2025-05-09 UTC+2

Trading Recommendations and Analysis for GBP/USD on May 9: The Pound Remains Unshaken

On Thursday, the GBP/USD currency pair continued trading within the sideways channel, visible in the hourly timeframe. Two central bank meetings — each of which could be considered favorable

Paolo Greco 04:05 2025-05-09 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.