Trading plan for EURUSD for May 01, 2020

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Technical outlook:

The EUR/USD pair dropped to 1.0830 level yesterday before reversing higher again. We anticipated a retracement towards 1.0800 level but the pair went up. The pair is seen to be trading around 1.0954 levels at this point in writing and might be targeting resistance at 10990 as highlighted on the chart. A corrective drop seems to be due either from current levels or from 1.0990 level respectively. Prices are expected to drop around the back side of resistance turned support trend line around 1.0820/25 levels before resuming an upward trend again. The overall structure remains bullish until prices stay above 1.0636 level. EURUSD is targeting resistance at 1.1500 level. It might be preparing for an uptrend that could last for several months.

Trading plan:

Remain long and buy more on drop towards 1.0820/25, stop 1.0636, target is 1.1500

Good luck!

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