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

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

How to Trade the GBP/USD Pair on May 6? Simple Tips and Trade Analysis for Beginners

Analysis of Monday's Trades 1H Chart of GBP/USD On Monday, the GBP/USD pair continued to trade strictly sideways. Although we don't see a clearly defined flat range for the pound

Paolo Greco 05:40 2025-05-06 UTC+2

How to Trade the EUR/USD Pair on May 6? Simple Tips and Trade Analysis for Beginners

Analysis of Monday's Trades 1H Chart of EUR/USD On Monday, the EUR/USD currency pair once again traded both upward and downward, confirming the presence of a flat market. The price

Paolo Greco 05:40 2025-05-06 UTC+2

Trading Recommendations and Analysis for GBP/USD on May 6: Trump vs. ISM

On Monday, the GBP/USD currency pair intended to launch a new wave of the upward trend that has been ongoing for several months. However, in the second half

Paolo Greco 03:32 2025-05-06 UTC+2

Trading Recommendations and Analysis for EUR/USD on May 6: Surprising and Unbelievable

On Monday, the EUR/USD currency pair resumed its favorite activity right from the morning—moving north. It was revealed that after a three-week pause, Donald Trump decided to bring

Paolo Greco 03:32 2025-05-06 UTC+2

GBP/USD: Trading Plan for the U.S. Session on May 5th (Review of Morning Trades)

In my morning forecast, I focused on the 1.3324 level and planned to make trading decisions based on it. Let's look at the 5-minute chart and analyze what happened

Miroslaw Bawulski 17:52 2025-05-05 UTC+2

EUR/USD: Trading Plan for the U.S. Session on May 5th (Review of Morning Trades)

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

Miroslaw Bawulski 17:48 2025-05-05 UTC+2

Trade Idea for EUR/USD to Fall

Good day, fellow traders! I will present you with a trade idea for EUR/USD. After Friday's strong bearish impulse, the instrument transitioned into a corrective upward move

Andrey Shevchenko 08:55 2025-05-05 UTC+2

Trade Idea for GBP/USD to Fall

Good day, fellow traders! I am presenting you with a trade idea for GBP/USD. After Friday's strong short-side initiative, the instrument has transitioned into a corrective upward movement

Andrey Shevchenko 08:55 2025-05-05 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.