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Trading Plan for EURUSD and GBPUSD for May 02, 2017

analytics59088157b9982.jpg

Technical outlook:

The EURUSD pair continues to consolidate within a 100-pip trading range between 1.0850 and 1.0950 levels since a few days now. The pair has stalled at the Fibonacci 0.618 resistance as seen here, and a break below 1.0850 levels would confirm that the pair has reversed lower and a meaningful top is in place. The wave structure also indicates that intermediate waves (1) and (2) should be in place and wave (3) should resume any moment. Please note that if the above wave count holds to be true, the pair is expected to accelerate lower towards parity levels, before the trend reverses. Even if it does not drop from here, please watch out for a top around 1.1000 levels, which is the Fibonacci 0.786 resistance levels. Immediate support on the daily chart is at 1.0580 levels while interim resistance is seen at 1.0950 levels.

Trading plan:

Please remain short for now and look to sell on rallies. Stop above 1.2950 and target 1.0580 at least.

GBPUSD chart setup:

analytics5908842c56274.jpg

Technical outlook:

The GBPUSD rallied intraday towards 1.2930 levels to hit the Fibonacci 0.618 resistance levels (not shown here) of the drop between 1.2965 and 1.2863 levels. Looking at the wave count, the pair seems to have already formed a top at 1.2965 levels by unfolding wave 5 into an impulse (5 waves) a labelled on the hourly chart here. By most probability, GBPUSD should be looking to push lower into 5 waves out of which waves 1 and 2 seem to be done already. Till the time prices remain below 1.2965 levels, bears should be in control and initial down target seems to be 1.2700/50 levels. Please note that the pair should be looking to drop at least towards 1.2000 levels if the above count holds true and prices remain broadly below 1.2965 levels going forward. Immediate support is seen at 1.2800 levels, while interim resistance is seen at 1.2965 levels.

Trading plan:

Please remain short for now and stop above 1.2965 levels, targeting 1.2700, 1.2500 and 1.2000 levels.

Fundamental Analysis:

Today's calendar seems to be light on major events, but Wednesday and Friday should see good volatility in the above two pairs. Shall be watching for the eurozone tomorrow and USD payrolls on Friday.

Good luck!

The material has been provided by InstaForex Company - www.instaforex.com