Trading plan for EUR/USD for February 20, 2019

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Technical outlook:

An hourly chart view has been presented for EUR/USD again, to have a short-term overview of the wave structure. Notably, after breaking into the buy zone of its resistance line, the EUR/USD pair dropped back lower yesterday as expected and tested the backside of resistance line at 1.1275 levels. Besides, the fibonacci 0.618 support of the recent rally between 1.1233 and 1.1334 levels was also seen towards 1.1270 levels. The bulls have managed to take control from a convergence of support around 1.1270/75 levels and also made an interim high at 1.1355 levels. Until prices stay above 1.1275 lows, the EUR/USD pair can be expected to print higher highs and higher lows. As depicted here, prices are expected to push through 1.1495 levels in the next few weeks. Immediate short-term movement could be seen as a potential correction lower towards 1.1307/10 levels. A bullish turn from there could bring back bulls into play again.

Trading plan:

Take partial/full profit on long positions taken yesterday. Again look to buy around 1.1310 levels, stop at 1.1210. The target is open.

Good luck!

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