empty
06.03.2023 12:15 PM
Trading plan for EURUSD on March 06, 2023

This image is no longer relevant

Technical outlook:

EURUSD rallied through the 1.0657 highs intraday on Monday before pulling back. The single currency pair is seen to be trading close to 1.0630 at this point in writing as the bears might be preparing to drag the price towards 1.0570 in the near term. Please note that the euro is producing a larger-degree counter-trend rally towards 1.0850 in the medium term.

The corrective rally might terminate in the 1.0850-0900 zone which is also the Fibonacci 0.618 retracement of EURUSD's earlier bearish wave between 1.1030 and 1.0532 as projected on the daily chart here. Prices might find short-term support around 1.0560 before resuming higher towards 1.0700-20 and 1.0850 levels.

EURUSD is facing immediate price resistance around 1.0700-20, while support is at 1.0530. The instrument is poised to further rally as long as 1.0530 remains intact. The larger-degree wave structure for the currency pair continues to remain bearish towards 1.0100, but for the next few weeks at least, the bulls seem poised to push through 1.0800-50.

Trading idea:

Potential short-term rally towards 1.0850, then lower 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

Trading Recommendations and Analysis for GBP/USD on May 8: The Pound Sees No Reason to Panic

On Wednesday, the GBP/USD currency pair continued trading within a sideways channel, clearly visible on the hourly timeframe. There was virtually no movement throughout the day, and no fundamental

Paolo Greco 04:19 2025-05-08 UTC+2

Trading Recommendations and Analysis for EUR/USD on May 8: All the Excitement Is Behind Us

On Wednesday, the EUR/USD currency pair continued to trade in the same flat range. The 1.1274 and 1.1426 levels bound the broader sideways channel, while the narrower channel ranges between

Paolo Greco 04:18 2025-05-08 UTC+2

GBP/USD: Trading Plan for the U.S. Session on May 7th (Review of Morning Trades)

In my morning forecast, I focused on the 1.3335 level and planned to base entry decisions around it. Let's look at the 5-minute chart and see what happened. A breakout

Miroslaw Bawulski 19:39 2025-05-07 UTC+2

EUR/USD: Trading Plan for the U.S. Session on May 7th (Review of Morning Trades)

In my morning forecast, I highlighted the 1.1379 level and planned to base market entry decisions around it. Let's look at the 5-minute chart to understand what happened. A rise

Miroslaw Bawulski 19:36 2025-05-07 UTC+2

How to Trade the GBP/USD Pair on May 7? Simple Tips and Trade Analysis for Beginners

Analysis of Tuesday's Trades 1H Chart of GBP/USD The GBP/USD pair exhibited a notable upward movement on Tuesday, although it remains within a sideways channel that may not be immediately

Paolo Greco 06:55 2025-05-07 UTC+2

How to Trade the EUR/USD Pair on May 7? Simple Tips and Trade Analysis for Beginners

Analysis of Tuesday's Trades 1H Chart of EUR/USD On Tuesday, the EUR/USD currency pair traded completely flat. Throughout the day, there were no significant reports or events either

Paolo Greco 06:55 2025-05-07 UTC+2

Trading Recommendations and Analysis for GBP/USD on May 7: The Pound Isn't Wasting Time

On Tuesday, the GBP/USD currency pair suddenly and unexpectedly resumed upward movement. While the euro was stuck in a flat market, the British pound showed a strong rally, and again

Paolo Greco 03:35 2025-05-07 UTC+2

Trading Recommendations and Analysis for EUR/USD on May 7: The Market Remains Stagnant

The EUR/USD currency pair continued to trade in the same sideways range on Tuesday — a flat within a flat. The broader sideways channel is bounded by the levels 1.1274

Paolo Greco 03:35 2025-05-07 UTC+2

GBP/USD: Trading Plan for the U.S. Session on May 6th (Review of Morning Trades)

In my morning forecast, I drew attention to the 1.3309 level and planned to make market entry decisions based on it. Let's take a look at the 5-minute chart

Miroslaw Bawulski 18:52 2025-05-06 UTC+2

EUR/USD: Trading Plan for the U.S. Session on May 6th (Review of Morning Trades)

In my morning forecast, I highlighted the 1.1346 level and planned to make trading decisions based on it. Let's take a look at the 5-minute chart and analyze what happened

Miroslaw Bawulski 18:49 2025-05-06 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.