empty
15.11.2023 07:54 AM
Trading plan for EURUSD on November 15, 2023

This image is no longer relevant

Technical outlook:

EUR/USD rallied sharply on Tuesday during the New York Session reaching the 1.0887 high. The single currency has hit the Fibonacci .1.27 extension and is just a few points away from taking out the 1.0930 high. Also, note that the price has tested the Fibonacci 0.50 retracement of the earlier downswing between 1.1275 and 1.0450 as the bears might be preparing to turn prices lower again.

The above rally in EUR/USD has been in line with our projections almost terminating the counter-trend rally close to 1.0900. We might witness another push higher before prices turn lower again. Most traders might be inclined to take profits on the long positions initiated earlier as resistance should be strong around the 1.0890-1.0930 zone.

EUR/USD has either completed its corrective wave around 1.0885-90 or it is close to termination. Please note that the Fibonacci 0.618 retracement of the above drop is seen passing through the 1.0930-50 range which should act as a potential reversal zone if prices manage to reach there. Immediate resistance is also seen around 1.0945.

Trading idea:

A potential rally is near to complete at 1.0887. Prepare to turn bearish 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

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

Analysis of Tuesday's Trades 1H Chart of GBP/USD On Tuesday, the GBP/USD pair traded with a slight upward bias. There were no major news events throughout the day, and only

Paolo Greco 06:47 2025-04-09 UTC+2

How to Trade the EUR/USD Pair on April 9? 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 with low volatility throughout the day, mostly moving sideways. However, as we warned, this

Paolo Greco 06:47 2025-04-09 UTC+2

Trading Recommendations and Analysis for GBP/USD on April 9: The Pound Is Stuck in One Place

The GBP/USD currency pair made a slight upward correction on Tuesday but failed to break through the nearest resistance level. Thus, after a 500-pip decline, we have seen virtually

Paolo Greco 02:55 2025-04-09 UTC+2

Trading Recommendations and Analysis for EUR/USD on April 9: The Market Is Getting Ready to Break Out Again

The EUR/USD currency pair calmed down slightly on Tuesday, but the technical picture does not promise anything good—nor does the fundamental background. Let's start with the technicals. A classic "bullish

Paolo Greco 02:55 2025-04-09 UTC+2

GBP/USD: Trading plan for the U.S. session on April 8th (analysis of the morning trades)

In my morning forecast, I focused on the 1.2754 level and planned to make trading decisions from it. Let's look at the 5-minute chart and examine what happened there

Miroslaw Bawulski 19:33 2025-04-08 UTC+2

EUR/USD: Trading plan for the U.S. session on April 8th (analysis of the morning trades)

In my morning forecast, I focused on the 1.0987 level and planned to make trading decisions from it. Let's look at the 5-minute chart and see what happened there

Miroslaw Bawulski 19:29 2025-04-08 UTC+2

How to Trade the GBP/USD Pair on April 8? Simple Tips and Trade Analysis for Beginners

Analysis of Monday's Trades 1H Chart of GBP/USD The GBP/USD pair experienced a significant decline on Monday. It's difficult to understand why the pound, which had been steadily rising against

Paolo Greco 07:35 2025-04-08 UTC+2

How to Trade the EUR/USD Pair on April 8? Simple Tips and Trade Analysis for Beginners

Analysis of Monday's Trades 1H Chart of EUR/USD On Monday, the EUR/USD currency pair continued swinging wildly back and forth. What's happening across all markets now can be described

Paolo Greco 07:35 2025-04-08 UTC+2

Trading Recommendations and Analysis for GBP/USD on April 8: The Pound Continues to Fall

The GBP/USD currency pair continued its downward movement on Monday. Explaining this is extremely difficult, even in hindsight—especially since the euro experienced growth on the same

Paolo Greco 03:47 2025-04-08 UTC+2

Trading Recommendations and Analysis for EUR/USD on April 8: The Storm Continues

The EUR/USD currency pair continued to swing wildly back and forth. Neither currency has shown clear growth, but it's important to understand that the markets are currently in chaos. Trying

Paolo Greco 03:47 2025-04-08 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.