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Expert In



Trading plan for EURUSD for August 09, 2019


Technical outlook:

The EUR/USD pair is trading sideways after printing highs at 1.1250 levels earlier. Furthermore, the EUR/USD pair has tested the resistance trend line. However, it is still into the sell zone. Looking into the wave structure, a 5 wave dropped from 1.1412 through 1.1020 levels has been retraced 50% at 1.1250 levels. The corrective 3 waves rally could be either complete or advance to 1.1260 level respectively. A continued drop from here towards 1.1120 levels would confirm that a meaningful top is in place at 1.1250 levels and that prices are heading lower towards 1.0930 respectively. Also note that immediate price resistance is at 1.1285 levels and EURUSD should stay below that mark. However, 1.1412 level remains critical to decide the medium term outlook for EURUSD. At the moment, selling on rallies is favored.

Trading plan:

Remain short from 1.1200 levels, stop above 1.1285, target is below 1.1020 level,

Good luck!

The material has been provided by InstaForex Company -