Trading plan for EUR/USD for September 09, 2019

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Technical outlook:

The euro is testing fibonacci 0.618 resistance of its recent drop between 1.1165 and 1.0926 levels. A continued push higher would target resistance at 1.1165. Please note that it is expected to drop to at least 1.0980 levels before a further trajectory is determined. The dropping resistance trend line is still intact and hence a break below 1.0960 would imply that the downward trend would continue further. The expected levels for that are 1.0850 and lower before resuming a pullback. Looking into the overall wave counts, a potential Wave C might have either terminated at 1.0926 within the A-B-C drop that begun from 1.2555 levels earlier. At least a break above 1.1165 levels and ideally above 1.1250 levels would be required to confirm that a meaningful bottom is in place. From the technical viewpoint, it is recommended to review situation at 1.0960/80 levels and then decide to go long again.

Trading plan:

Remain flat for now, watch for a potential bounce around 1.0960/80 levels.

Good luck!

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