Trading plan for EUR/USD for May 02, 2019

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Technical outlook:

The EUR/USD pair rose to 1.1260 levels yesterday, slightly higher than expected, before reversing sharply in the New York Session. At this point in time, the currency pair is seen to be trading around 1.1190/95 levels, looking to push lower towards 1.1020 levels as discussed earlier. Another probable wave count suggests that EUR/USD has rallied in 3 waves until now from 1.1111 levels to 1.1260. Yet another high from the current levels, probably towards 1.1324, could complete an impulse rally and thus open doors for further moves towards 1.1500/1.1600 and higher. It would be too early to predict the latter probability and hence it could be a safe trading strategy to exit the short positions taken earlier around 1.1175/1.1190 levels respectively, or exit at a breakeven point. A more aggressive trading strategy is likely to remain short with the risk above yesterday's high at 1.1260 levels. The immediate resistance remains at 1.1260 and support is at 1.1111 levels.

Trading plan:

Conservative traders exit short positions taken yesterday at 1.1175/90 levels. Aggressive traders hold short against 1.1260 levels.

Good luck!

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