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Expert In



Trading plan for EURUSD for August 12, 2019


Technical outlook:

The EURUSD pair continues to drift sideways since last few days after printing highs around 1.1240 levels. It is showing signs of a potential bearish reversal either from current price action around 1.1200/05 levels or from 1.1250/60 levels respectively. It remains to be seen if bears break lower from here. The single currency pair has been facing quite a few convergences to find strong resistance, viz: trend line resistance, past support turned resistance zone around the 1.1200/10 mark and a 50% retracement of the previous drop from 1.1412 levels. A break below 1.1180 levels would confirm that EURUSD has resumed its bearish journey towards 1.0900/30 levels. Please note that resistance is at 1.1265 levels, followed by 1.1412 levels respectively. Only a break above 1.1412 levels would be a threat to the current bearish outlook.

Trading plan:

Remain short from here and add further if prices reach 1.1250/60, stop above 1.1285, target is 1.0930.

Good luck!

The material has been provided by InstaForex Company -