Trading plan for EURUSD for October 07, 2019

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Technical outlook:

EURUSD is seen to be consolidating in a narrow range since last Friday. The range could be defined between 1.0950 and 1.1000 within a triangle structure. A break above the 1.1000 mark should see hitting next in line resistance at 1.1025 and above. Alternately, any drop below 1.0950 is expected to be corrective and prices should remain above 1.0879 levels. The EUR/USD pair needs to break higher through 1.1110 levels which is major resistance to confirm that a meaningful low is in place at 1.0879 levels and prices are ready to push through towards 1.1800 - 1.2000 levels in the weeks to follow. Trading point of view, it should be a safe strategy to maintain long positions and also look to buy on dips. Please note that 1.1110 levels should be within reach until prices stay above 1.0879 levels.

Trading plan:

Remain long against 1.0879, target 1.1110.

Good luck!

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