Trading plan for EURUSD for July 22, 2020

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Technical outlook:

EURUSD rallied past a major resistance around 1.1500 yesterday. The single currency pair is seen to be trading around 1.1533 level at this point in time and is expected to turn lower towards 1.1167 level from here. Please note that a major boundary seems to be in place between 1.0636 and 1.1540 respectively. The entire rally now needs to be retraced and the first level is seen around Fibonacci 0.382, which is close to 1.1167 support. Trading point of view, traders might now prepare to sell on a bearish reversal around 1.1540. Immediate support is seen towards 1.1167, while resistance is already where EURUSD trades right now. Watch out for a sharp reversal lower from here.

Trading plan:

Remain short now, stop @ 1.1600, target @ 1.1167 and below.

Good luck!

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