Trading plan for EUR/USD for July 21, 2020

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Technical outlook:

EUR/USD is trading close to major resistance at 1.1500 levels, and bulls might remain inclined to break higher. Once resistance is taken out at 1.1500, we can expect EUR/USD to produce a meaningful corrective drop as projected on the above chart view. Immediate resistance is at 1.1500, while support is seen at 1.1370 levels respectively. The fibonacci 0.618 retracement of the entire rally between 1.0775 through 1.1450 is seen around 1.1000 mark. Please note that one can expect a bullish bounce if prices manage to reach there as a corrective wave. At the moment, focus shall remain around the 1.1500 levels, and a break higher would confirm a major trend reversal ahead.

Trading plan:

Prepare to sell around @ 1.1500, stop @ 1.1600, target is open for now.

Good luck!

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