FX.co ★ Trading plan for EUR/USD for June 10, 2022

Technical outlook:

EUR/USD reversed sharply lower after hitting the 1.0770 mark during the New York Session on Thursday. The pair declined to an intraday low close to 1.0600-05 in the early hours on Friday. It is expected to resume its rally soon. Bulls might be inclined to hold prices above 1.0350 over the medium term to keep the momentum going.

EUR/USD is well supported around the 1.0570-75 mark, which is the Fibonacci 0.50 retracement of its recent upswing between 1.0350 and 1.0786 levels respectively. The next-in-line near-term support is seen through 1.0500-20 levels, which is the Fibonacci 0.618 retracement of the above rally. Bulls are inclined to remain in control near term.

EUR/USD has carved a meaningful downswing between 1.2266 and 1.0350 levels, which is being worked upon since carving 1.0350 interim lows. The projected target is close to the 1.1000 mark at least, which is the Fibonacci 0.382 retracement of the entire drop as seen on the chart here. Bears remain poised to be back in control thereafter.

Trading plan:

Potential rally through 1.1000 against 1.0350

Good luck!