Trading plan for EUR/USD for July 08, 2020

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Technical outlook:

EUR/USD has held below 1.1340/45 highs and is seen to be trading around 1.1266 levels at this point in writing. The single currency pair is expected to print yet another low below 1.1258 before pulling back. Please note, any intraday rallies thereafter would remain well capped below 1.1340/45, going further. Immediate resistance is seen towards 1.1340/45, followed by 1.1420, while interim support is seen at 1.1167 respectively. EUR/USD is seen to be targeting 1.1010 in the immediate short term, while the next potential target is 1.0775. Trading point of view, EUR/USD remains a good candidate to be sold on rallies with risk above 1.1420.

Trading plan:

Remain short, stop @ 1.1420, target @ 1.1010 and 1.0775

Good luck!

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