empty
02.03.2023 08:21 AM
Trading plan for EURUSD on March 02, 2023

This image is no longer relevant

Technical outlook:

EURUSD rallied through the 1.0691 intraday highs during the early New York session on Wednesday. Prices remained shy of a few pips from the 1.0700 resistance and pulled back. The single currency pair is seen to be trading close to 1.0635 at this point in writing and could slip further towards 1.0820 before finding support again. The instrument is looking higher thereafter.

EURUSD is carving a larger-degree corrective decline which began from the 1.1025 highs in February. The pair has managed to carve the first wave of the corrective drop towards 1.0531 recently. The price could be progressing towards 1.0720 and up to 1.0850 as the second wave unfolds. We can expect prices to resume lower to 1.0100 later.

EURUSD is projected to trade lower in the medium term and drag towards 1.0100 before resuming its rally. Also, note that the Fibonacci 0.618 retracement of the previous rally between 0.9535 and 1.1025 is seen passing through the 1.0100-10 zone. A high probability remains for a bullish bounce if prices manage to reach there.

Trading plan:

Potential rally to 1.0720 and 1.0850 in the near term, then lower again

Good luck!

Oscar Ton,
Analytical expert of InstaForex
© 2007-2025
Summary
Urgency
Analytic
Oscar Ton
Start trade
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 August 7? Simple Tips and Trade Analysis for Beginners

Analysis of Wednesday's Trades 1H Chart of GBP/USD The GBP/USD pair also continued its upward movement on Wednesday, for the same reasons as the EUR/USD pair. Donald Trump keeps firing

Paolo Greco 06:18 2025-08-07 UTC+2

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

Analysis of Wednesday's Trades 1H Chart of EUR/USD The EUR/USD currency pair resumed its upward movement on Wednesday, just as we had warned. At first glance, it may seem that

Paolo Greco 06:18 2025-08-07 UTC+2

Trading Recommendations and Trade Breakdown for GBP/USD on August 7: The British Pound Has Regained Strength

The GBP/USD currency pair also resumed its upward movement on Wednesday, thanks to Donald Trump. Recall that yesterday, Trump imposed 25% tariffs on India, and earlier in the week

Paolo Greco 03:59 2025-08-07 UTC+2

Trading Recommendations and Trade Breakdown for EUR/USD on August 7: Trump Continues to Sink the Dollar

The EUR/USD currency pair resumed its upward movement on Wednesday. There was no significant macroeconomic background from either the Eurozone or the U.S. yesterday, apart from an insignificant retail sales

Paolo Greco 03:59 2025-08-07 UTC+2

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

Analysis of Tuesday's Trades 1H Chart of GBP/USD On Tuesday, the GBP/USD pair also showed no significant movements. As with the EUR/USD pair, only one macroeconomic report had the potential

Paolo Greco 06:57 2025-08-06 UTC+2

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

Analysis of Tuesday's Trades 1H Chart of EUR/USD On Tuesday, the EUR/USD currency pair continued to trade with minimal volatility and strictly sideways. Only one important report was released during

Paolo Greco 06:57 2025-08-06 UTC+2

How to Trade the GBP/USD Pair on August 5? Simple Tips and Trade Analysis for Beginners

Analysis of Monday's Trades 1H Chart of GBP/USD The GBP/USD pair also showed no significant movements on Monday, although it did demonstrate a slight upward bias. Volatility was virtually zero

Paolo Greco 06:20 2025-08-05 UTC+2

How to Trade the EUR/USD Pair on August 5? Simple Tips and Trade Analysis for Beginners

Analysis of Monday's Trades 1H Chart of EUR/USD The EUR/USD currency pair traded strictly sideways on Monday, with minimal volatility. We had expected the market to continue reacting to Friday's

Paolo Greco 06:20 2025-08-05 UTC+2

Trading Recommendations and Trade Breakdown for GBP/USD on August 5: The British Pound Continues Its Sluggish Recovery

On Monday, the GBP/USD currency pair continued its upward movement, though it remained very weak. There was no macroeconomic or fundamental backdrop yesterday, so traders had nothing to focus

Paolo Greco 03:52 2025-08-05 UTC+2

Trading Recommendations and Trade Breakdown for EUR/USD on August 5: Total Flat Mode

The EUR/USD currency pair showed no movement on Monday. There were hopes that, following last week's intense fundamental and macroeconomic backdrop—especially Friday's—the market would remain active on Monday. However, those

Paolo Greco 03:52 2025-08-05 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.