Trading plan for EUR/USD for July 01, 2020

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Technical outlook:

EUR/USD had reached 1.1422 levels before pulling back. The single currency pair is trading around 1.1236 at this point in writing and is expected to drop lower towards 1.1012 and further in the next few trading sessions. Please note that EURO has broken below the immediate trend line support and is facing resistance around 1.1260 mark. A drop below 1.1167 would set the ball rolling lower again and bears would remain in control thereafter. Also note that the outer trend line is passing through 1.0900 level so there is enough room for a continued drop. Further. EUR/USD has reversed from the fibonacci 0.618 retracement of drop between 1.1422 and 1.1167 around 1.1348. Trading point of view, EUR/USD should be sold with risk at 1.1350.

Trading plan:

Remain short, stop @ 1.1350, target @ 1.1000 and lower.

Good luck!

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