Trading plan for EURUSD for June 11, 2019


Technical outlook:

We have presented the daily chart view for EURUSD as the single currency pair remains unchanged around 1.1310/15 levels at this moment. It has developed a doji candlestick pattern on the daily chart indicating indecisiveness.Thus, a bearish drop is expected from here. Structurally, we still favor an ending diagonal, possibly into its last leg, which should drag prices lower below 1.1107 levels. Please note that prices have stalled at a confluence of trend line resistance and the fibonacci 0.618 resistance of Wave 3 (between 1.1448 and 1.1107 levels), as labelled here. Immediate price resistance should be strong at 1.1148 levels, while interim support remains at 1.1107 levels respectively. If the described wave structure is correct, we could see prices reversing from below 1.1347 highs and push lower in a zigzag below 1.1107 levels. We shall re-evaluate the situation around 1.1180/90 levels, if prices stall and a bullish scenario prevails.

Trading plan:

Remain short, with stop above 1.1350 levels, target below 1.1107 levels.

Good luck!

The material has been provided by InstaForex Company -