Trading plan for EUR/USD for July 02, 2019

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Technical outlook:

The EUR/USD pair dropped to 1.1275 in the early hours of trade today before bouncing back. The price is seen to be trading around 1.1290 levels at this moment. The wave structure discussed earlier has been again presented here on the hourly chart with labeling. The initial rally from 1.1180 through 1.1412 levels unfolded into 5 waves labeled as wave 1. It was followed by a 3-wave corrective drop as a-b-c flat structure that looks to be complete. Please note that wave b might have unfolded as a triangle followed by an impulsive wave c, which might drop one last time towards 1.1250/70 levels. If you have already taken profits on short positions, please prepare to go long around 1.1250/70 levels from here on. Those who are still holding short positions might take full profits at 1.1270 and turn bullish again. Please note that 1.1180 remains strong support and the uptrend shall remain intact until prices remain above 1.1180 going forward. The interim resistance at 1.1412 should be taken out soon.

Trading plan:

Take profits on short positions from 1.1380/1.1400 levels at 1.1270 and turn long.

Good luck!

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