Trading plan for EURUSD for July 08, 2019

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Technical outlook:

The EUR/USD pair has dropped lower as expected and it is likely to print one more low around the 1.1190/1.1200 mark. Please note that the above level is also the Fibonacci convergence as highlighted above. Trading point of view it is good to initiate long positions between 1.1190/1.1220 levels with risk below 1.1107 respectively. Prices are trading extremely close to a major support at 1.1180 and a turn ahead of that would be considered to be bullish. Even if prices break below 1.1180 levels, it is expected to produce a pullback rally towards 1.1340/50 levels before continuing the downtrend. Hence, in either case, a rally is expected towards 1.1340/50 levels minimum from current or around 1.1200 levels respectively. If our forecast comes true, we still maintain a bullish bias against the 1.1107 lows.

Trading plan:

Long between 1.1190/1.1220 stop below 1.1107, target is open.

Good luck!

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