Trading plan for EUR/USD for February 11, 2019

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Technical outlook:

A 4H chart view presented here since December 2018 lows at 1.1270 levels is depicting a sideways/consolidation between 1.1270 and 1.1450 levels. Hence, significance remains that of price support zone between 1.1279 and 1.1290 levels; and price resistance around 1.1450/1.1500 levels respectively. At the moment, EUR/USD is seen to be converging near the support zone with a potential bullish bounce to be produced soon, around 1.1300 levels. The EUR/USD pair may the rise through the resistance trend line passing through 1.1480 levels at this moment. As discussed earlier, although the bias remains on the north side, we shall be required to see a clear break above resistance trend line to see further push towards 1.1800 levels. On the flip side, a break below 1.1270 levels would prove to be further bearish and prices may drop below 1.1215 levels going further.

Trading plan:

Remain long, stop beow 1.1215, target remains open.

Good luck!

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