Trading Plan for EUR/USD and GBP/USD for August 09, 2017

analytics598aeb11b5aeb.jpg

Technical outlook:

A short term setup was discussed yesterday and EUR/USD has reacted well towards the direction. The pair has almost achieved its projected downside targets as seen here. Maybe it is working out a triangle labelled as wave iv, and that a final thrust lower is expected around 1.1700 levels before it pulls back higher again. Please note that EUR/USD might have already print a meaningful high at 1.1910 and that any pullbacks now should be viewed as opportunities to sell again towards the short term trend developed. Furthermore, also keep in mind that the larger story discussed in the beginning of this month is still intact and that we are presenting short term trade setups towards the same. Support is seen below 1.1700 levels while strong resistance is at 1.1910 levels respectively.

Trading plan:

Please consider taking profits on short taken last week at 1.1700 (partial or complete). We shall find fresh short entries going forward.

GBPUSD chart setups:

analytics598aed4886778.jpg

Technical outlook:

A short term hourly chart has been again presented here to trap the last leg lower maybe today. GBPUSD has reacted well to resistance and wave analysis as labeled above. The pair still seems to be working out on the last drop lower towards 1.2900/30 levels, which is also falling in line with the next price support seen at 1.2930 levels as shown on chart view here. Bears are still targeting lower at least through 1.2930 levels before producing a meaningful pullback higher. Please note that all rallies from here would be nominated as counter trends and that they are great opportunities to add or trade fresh shorts. In line with the bigger picture presented last week, the first short term down leg seems to be completed shortly at 1.2900/30 levels and it should give way to a counter trend towards possible 1.3060 or 1.3140 levels.

Trading plan:

Please look to take short term profits on positions taken last week at 1.2900/40 levels.

Fundamental outlook:

Except Crude Oil Inventories no major news today. New Zealand rate decision would be out early morning August 10, 2017.

Good luck!

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