Forex Analysis & Reviews: Trading plan for EUR/USD on October 12, 2021

TECHNICAL OUTLOOK:
EUR/USD remained subdued in the past two trading sessions, but managed to hold above the 1.1530 intermediate support. The currency pair could be preparing to produce a counter trend rally, extending towards the 1.1900-1.2000 zone in the near term. Even if another low is print below the 1.1530 mark, downside risk remains limited for now.

EUR/USD earlier dropped from the 1.2266 highs through the 1.1530 levels, carving a meaningful bearish boundary. Bulls might be poised to retrace the above mentioned drop and push the price towards the 1.1900-1.2000 zone, before it reverses again. Only a consistent break below 1.1530 would drag the price further towards the 1.1300 mark; probability remains grim though.

EUR/USD is seen to be trading around the 1.1562 levels at this point of writing and is preparing to produce a meaningful corrective rally in the near term. The immediate price resistance is seen at 1.1640, while the interim support is around the 1.1500 levels. A break above 1.1640 will confirm that bulls are back in control.

TRADING PLAN:
Potential rally towards 1.1900-1.2000 against 1.1450 Good luck!

Analysis are provided by InstaForex